The true cost of a non-digital P&C claims process

Insurance carriers looking to create a leaner, more cost-effective insurance cycle should consider digitizing the entire end-to-end cycle, from FNOL to final settlement. (Photo: Shutterstock)

By now, most P&C insurance providers are well aware of the customer experience and efficiency benefits of digitizing their customer-facing processes. Yet partially rather than fully digitized claims processes remain the norm for many carriers, who don’t necessarily draw a clear connection between digitizing and the company’s fundamental raison d’etre: turning a profit. Failing to sufficiently digitize can lead to significant waste in funds, some of which may not seem obvious.

Below, we’ll look at some of the main reasons why providers may be losing funds during the claims process due to legacy platforms.