X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.
Data errors in claims Data errors can result in misassigned claims, coverage denials and incorrect loss reserves. (Photo: Rawpixel.com/Shutterstock)

Over the past decade, technology’s impact on the claims side of the P&C industry has been extraordinary. Today, insureds submit high-definition video and audio files and images to support their claims. In theory, this creates more accurate and faster claims processing, all of which should be good news to insurers, who face increased cost pressures due to the abundance of claims filed in the wake of multiple large-scale weather events and COVID-19.

Yet there’s a potential dark side to technology. Inadvertent data errors run the risk of sabotaging a claims teams’ ability to reduce costs and deliver exceptional customer service. Each claim processed with inaccurate data creates numerous expenses, including overpayments that erode profits, lost staff time that destroys employee morale and legal fees that may escalate quickly. These costs are in addition to the exacerbation claims professionals hear in the voices of the insured when they have to explain what happened.

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?

America's Claims Executive Virtual Leadership Forum & Expo 2021Event

ACE Virtual Leadership Forum & Expo is the annual conference for Senior Claims Executives in Insurance organizations.

Get More Information
 

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.