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Predicting Claims Can Reduce Fraud

In their ongoing efforts to be more competitive and profitable, insurance companies are undertaking several initiatives to improve their claim-handling processes.

By Marcel Holsheimer | Updated on August 02, 2005

New technological developments are seeking to resolve three of the biggest headaches in insurance: improving customer service, reducing the cost of handling claims, and detecting fraud.

In their ongoing efforts to be more competitive and profitable, insurance companies are undertaking several initiatives to improve their claim-handling processes. Foremost among these is improving claim-handling efficiency. The claim-handling process is expensive, accounting for around 20 percent of the total costs of an insurance company.

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