Leveraging modern core technology enables insurers to reduce the average time to settle claims, leading to improved customer satisfaction, operational efficiency, and a competitive advantage in the market.
Ten Ways to Lower Claims Handling Expenses
Claims Handling Expenses: The costs associated with processing and administering claims, including personnel, technology, and overhead expenses. These expenses directly impact an insurer’s bottom line, making it essential to find ways to minimize expenses while maintaining high-quality service in order to remain competitive in the market. While most insurers have already made considerable efforts to […]
Improving Customer Satisfaction Scores
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 […]
Eliminating Claims Leakage
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 […]
Be Easy to Do Business With
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 […]
Artificial Intelligence vs Analytics
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 […]
Insist on Flexible Configuration in Your Core Software
When Bruce Lee famously said, “Be like water,” he was referring to a person’s ability to adapt to changing conditions.
Your Core Platform is Not as Secure or Scalable as You Think
Too often, companies operate with blinders on when it comes to technology, trusting that what they don’t know won’t hurt them.
The Power of Modern Technology in Core Insurance Solutions
A well-defined statement helps participants focus on creativity and ensures same page.
A Tech-Driven Approach to Slashing Loss Ratios
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…