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The P&C insurance industry generates top-line annual sales (net written premiums) ranging between $480 and $500 billion, depending on how you count the numbers. Roughly speaking, claim payments and expenses account for about 70 cents of every premium dollar. In other words, claim departments spend between $336 billion and $350 billion each year in managing and settling claims. This is a huge amount of money, and something insurers constantly try to reduce to improve the bottom line.

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