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A Day in the Life of a Claim: Settlement and Closure

In the last of our three-part series, we review the settlement process and its impact on customer satisfaction rating and claims management efficiency.

By Vidya Dinamani, Paul Rosenstein | Updated on December 13, 2013

In the last of our three-part series, we review the settlement process and its impact on customer satisfaction rating and overall claims management efficiency. 

As relationships go, the one between a policyholder and his car insurance company is not particularly high-touch. The average person only interacts with his carrier when purchasing or amending a policy or when there is a claim. In the past two articles, we have seen how adhering to an established set of best practices can expedite the claim initiation, review and processing phases, saving both policyholder and carrier time and mone To aoy. But in the life of an insurance claim, the real moment of truth is the settlement phase. It is the opportunity for the carrier to shine or fail. Since research indicates that unsatisfactory customer service is one of the few things that will prompt a policyholder to change carriers, failure is not an option.

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