Thus, the opportunity for P&C claims handling improvement to impact insurer profitability is enormous in several key areas:
Claims Adjusting Efficiency--Well above 40 percent of claims adjuster's time is spent on activities that do not actively assist in bringing the claim to a prompt and reasonable conclusion. Inefficiencies lead to longer claim settlement times which can impact customer satisfaction, drive up litigation rates and negatively impact indemnity payments. Worse, these inefficiencies waste valuable adjuster time--an ever diminishing resource.
Claims Indemnity Management--Medical cost inflation, for example--a key driver of both special and general damages--averaged two full percentage points above the Consumer Price Index between 2000 and 2010.
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.
