More investment in claims-management integration practices will benefit P&C insurers' bottom line, chief claim officers (CCOs) say in a new survey from Towers Watson.
In its 7th P&C Claim Officer Survey, Towers Watson says insurer CCOs feel they are benefiting from reviews and updates to their best practices and from improvements in technology. However, further integration of these processes is required.
"A more integrated approach to claim management can help insurers simultaneously improve customer service and financial results, increasing both policyholder and investor satisfaction," says Brian Stoll, director of Towers Watson's P&C practice. "Technology investments in this area help insurers better identify and respond to trends culled from data-driven analytics and make it easier to implement predictive models, best-practice models and best-practice enhancements that carriers are developing to improve claim performance."
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