Managing and utilizing claim data within an organization can seem like an impossible task with too many steps to complete, and too much risk. Today’s competing organizations, however, are broadening their information horizons, and are seeing positive returns on claim data integration investments.

For many years, carriers have directed the majority of their claim investments toward improving the procedural efficiency of the adjuster. All too often insurers struggle to advance their focus and investment beyond gaining such functional efficiencies and improving the claim transaction experience. With the rapidly changing market and the technologies available today, procedural efficiency is simply a ticket to the dance.

With total claim costs accounting for up to 85 percent of insurers cost basis, reducing claim costs represents insurers’ biggest opportunity to impact their overall performance in today’s soft market. Unlocking value from claim investments requires an extended focus on managing indemnity expenditures, and leveraging claim data at the enterprise level to drive improved risk management throughout the enterprise (the fact that this will become more compulsory overtime due to regulation is fodder for another article).

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?


NOT FOR REPRINT

© 2024 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.

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 © 2024 ALM Global, LLC. All Rights Reserved.