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Extreme Makeover was an ABC television series that depicted ordinary men and women undergoing drastic physical changes in diet, hairstyle, and wardrobe. At the show’s conclusion, the “subjects” were reintroduced to their families, most of whom were astonished by the physical transformation. Insurance and claim departments may never be featured on TV, but many may be due for some version of an extreme makeover. As one indicator, a recent study by Wolters Kluwer Financial Services lists the top 10 reasons that property and casualty insurers fail to achieve market conduct compliance. What is striking is that half of the top 10 transgressions involve claim-handling lapses. The five claim-related market conduct violations are:Recommended Stories
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eBook
Sponsored by AgentSync
The Future of P&C Insurance: The Race to Contain Costs Amid Rising Catastrophic Losses
The P&C insurance sector is currently facing challenges. This eBook outlines the most pressing problems, the most promising solutions, and a few examples of these principles in action.
Case Study
Sponsored by CoreLogic
Revolutionizing Claims Processing: How a Leading Insurer Transformed Water Mitigation Reviews
Discover how one insurer drastically improved the efficiency of their water mitigation claim reviews, reducing costs and time while enhancing decision-making. Learn how this approach can transform your claims process, making it faster, more accurate, and less resource-intensive.
Assessment
Sponsored by AgentSync
Distribution Channel Management Assessment
Navigating today’s insurance landscape requires more than instinct. Assess the strengths and gaps in your distribution strategy with this comprehensive tool. Discover actionable insights to refine operations, enhance data quality, ensure compliance, and scale efficiently. Evaluate your current capabilities and see where you stand across five crucial areas. Start building a more resilient and agile network today.
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