When it comes to claims processing, insurers are obsessed with cycle time.
They count the days it takes to make a claim adjudication decision, the minutes it takes to complete the loss intake process, and the seconds it takes to process a transaction. Especially in high-volume environments, time is money.
In the wisdom of insurance claims executives, faster claim payments generally equate to better customer satisfaction and loyalty. Anything that slows the process is burdensome and costly. Insurance companies are always looking for ideas on how to improve or optimize the claims process.
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