With the global economy spiraling downward amid some experts warning that a recovery won't begin any earlier than mid-to-late 2009, insurance providers worldwide continue to adjust their business processes accordingly to ensure that they not only are fiscally responsible, but also remain competitive in these turbulent times.
Making the burden even heavier for insurance carriers is the alarming rate in which fraudulent claims continue to escalate. The Insurance Information Institute projects fraud in the U.S. alone already accounts for 10 percent of the property and casualty insurance industry's incurred losses and loss adjustment expenses -- or about $30 billion annually.
While insurance providers have placed a huge emphasis on efforts to combat fraudulent activity, they also must remain committed to other equally important business functions, such as marketing optimization, claim-process efficiency, minimized underwriting costs, and new opportunities for revenue growth. Given the current state of the economy, insurance companies will need to continue improving their business practices across the enterprise, including enhancing their technology investments. That's not an easy task.
Recommended For You
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
