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The average Customer Satisfaction Score in the insurance industry can vary depending on factors such as the type of insurance (life, health, auto, etc.), the region, and the specific company. However, in general, the insurance industry tends to have average customer satisfaction scores ranging from around 75% to 85%. This can be influenced by factors […]
Claims Leakage is defined as the extent of financial loss due to errors, inefficiencies, or fraudulent activities in the claims handling process. And while that definition is well known to insurers who track their business closely, how to reduce or eliminate that leakage is still a challenge. Why is eliminating claims leakage so important? Even though […]
When it comes to your core solution provider or any software vendor with which you work, you should ask yourself “How easy is it to conduct business with them?” In addition to solution quality, vendor accessibility, responsiveness, and problem-solving capabilities are key factors to consider when evaluating them. A vendor should be readily available and […]
The Realities and Misconceptions Regarding Two Essential Tools for Insurers In today’s fast-paced insurance landscape, staying ahead of the curve is essential for maintaining competitiveness and meeting evolving customer expectations. As technology continues to advance, insurers are increasingly turning to tools like Artificial Intelligence (AI) and analytics to drive innovation, enhance operational efficiency, and improve […]
When Bruce Lee famously said, “Be like water,” he was referring to a person’s ability to adapt to changing conditions.
Too often, companies operate with blinders on when it comes to technology, trusting that what they don’t know won’t hurt them.
A well-defined statement helps participants focus on creativity and ensures same page.
It’s no secret that numerous property and casualty (P&C) insurers have consistently reported loss ratios in excess of 1.05 in recent years…
According to recent studies, the average businessperson receives around 120 emails a day, and no doubt adjusters see more than this average amount.
To support the business needs of these new work conditions, insurance organizations have started to rely on collaborative tools.