Editor's Note: As part of a new editorial approach, Claims will begin offering first-run, feature-length articles on our web site before they appear in our monthly print issue. These articles will be clearly marked and are intended to expand the editorial breadth of the magazine while at the same time delivering even more useful and educational insights to our readers courtesy of experts in the field. We hope you find this extended coverage helpful.
For many P&C insurance carriers, 60-80 percent of premium revenue is allocated to claim indemnity and LAE payments. While loss ratio can be an effective barometer of claim performance, it doesn't tell the whole story.
By diagnosing the financial and customer satisfaction consequences that result from non-adherence to claim best practices, insurers can gain a more complete understanding of the factors driving business results.
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