While the recession has had a devastating effect on many industries, insurance professionals are successfully navigating the tough economy. This isn’t to say that they are immune to the recession’s influences, but it is a testament to their resilience and ability to create leaner, more efficient ways of doing business.
Many insurers have responded to challenges in the market by enhancing workflows to reduce cycle times, control operating costs, and improve policyholder satisfaction. Some have achieved great success by adopting new claims management solutions. However, scouring the market for the appropriate vendor and solution to fit a specific company’s business model is no trivial task; it requires intense scrutiny and evaluation. To ease the decision-making process, insurers should be aware of four critical points so they can select the claims management solution that will produce the best outcome for not only their organizations but also the people they serve.
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