If personal lines insurers can recover 10% of their total paid auto losses or a substantial number of property losses through subrogation, it has a substantial impact on total profitability. (Photo: Looker_Studio/Adobe Stock)
The insurance industry is on a journey for digital transformation, modernizing core systems and embracing technology to bring together providers that can enable them to deliver more efficient and personalized experiences to policyholders. At the heart of this transformation is successfully accessing data and turning it into robust analytics for decision-making purposes.
Claims departments have been at the forefront, producing extremely dynamic reports that help the C-suite optimize profitability within the carrier. And more recently, advanced technologies have been extremely useful in optimizing claims handling decisions to the point where decisions are measured in minutes instead of days or weeks, across various touch points.
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