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A property/casualty insurer’s financial performance depends heavily on its claims organization. Even top carriers carry loss and loss adjustment expense (LAE) ratios well above 60 or 70 percent, making claims costs the lion’s share of the cost side of the combined ratio equation.

Thus, the opportunity for P&C claims handling improvement to impact insurer profitability is enormous in several key areas:

Claims Adjusting Efficiency–Well above 40 percent of claims adjuster’s time is spent on activities that do not actively assist in bringing the claim to a prompt and reasonable conclusion. Inefficiencies lead to longer claim settlement times which can impact customer satisfaction, drive up litigation rates and negatively impact indemnity payments. Worse, these inefficiencies waste valuable adjuster time–an ever diminishing resource.

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