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Ten Ways to Reduce Claims Costs Now

Today's consumers are focused on value for money. P&C insurers, in turn, are perpetually striving to reduce the cost of handling claims. Here are 10 helpful suggestions to reduce costs.

By Jamie Hutton | Updated on November 28, 2011
In today’s economy, where consumers are focused on value for money, property and casualty (P&C) insurers perpetually strive to reduce the cost of handling claims. Among other techniques, this usually involves an enhanced focus on streamlining business processes and tackling fraud. Carefully managing outsourcing options and suppliers are other common ingredients in an insurer’s overall solution.

A growing number of insurers are finding clever ways to use good data to bolster a competitive advantage made possible by enhanced customer service—all while reducing claims expenditures. Imagine the benefit of being able to move toward straight-through processing of claims at first notification of loss (FNOL), with confident knowledge that the claim was neither exaggerated nor blatantly fraudulent. This sounds ambitious but is within reach for insurers who carefully align business strategies with the appropriate technologies.

Minimize FraudUnfortunately, we are all living in a less-than-completely honest world, where fraud is rising. In fact, many would say that scammers involved in organized crime rings especially view the P&C insurance industry as a low-risk, high-gain market.

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