X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

In an intensely competitive insurance market, property and casualty (P&C) insurers must be keenly focused on improving operational effectiveness to drive profitable growth.  In such efforts, claim processing will remain a critical area of focus.  It’s no wonder, then, that global insurance technology spending on claims processing is predicted to grow at a rate of 5.2 percent in the period 2010-2013, according to Datamonitor, a market research firm.

Yet many of the firms investing in claims will be disappointed to find out that their pursuit of results in core claims can yield suboptimal results.  To be clear, core claims processing and operational efficiency are the critical foundation for success.  However, generating sustainable value from market leading capabilities requires a focus on the claim expert services that sit on top of core claim processes and have a direct impact on adhering to the accurate indemnity payout at the individual claim and aggregate enterprise level.  Processing will always be important, however, areas of expert services — cash handling, vendor management, salvage and subrogation, litigation, fraud management, risk control, reinsurance, predictive analytics – are the components of claims operations that have the highest impact on total claim outcome and therefore provide an opportunity for optimization.

Want to continue reading?
Become a Free
PropertyCasualty360 Digital Reader.

INCLUDED IN A DIGITAL MEMBERSHIP:

  • All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
  • Educational webcasts, resources from industry leaders, and informative newsletters.
  • Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.

Already have an account?

 

PropertyCasualty360

Join PropertyCasualty360

Don’t miss crucial news and insights you need to make informed decisions for your P&C insurance business. Join PropertyCasualty360.com now!

  • Unlimited access to PropertyCasualty360.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including BenefitsPRO.com, ThinkAdvisor.com and Law.com
  • Exclusive discounts on PropertyCasualty360, National Underwriter, Claims and ALM events

Already have an account? Sign In Now
Join PropertyCasualty360

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.