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Public entities hold a crucial responsibility: to be diligent stewards of taxpayer dollars. Every decision made should reflect a steadfast commitment to efficiency, transparency, and cost-effectiveness. One significant area where substantial savings can be realized is in claims management. The Role of Modern Claims Management Software Modern claims management software, equipped with advanced capabilities such as […]
Public entities have unique insurance needs, particularly in how their property and casualty insurance is structured, managed, and regulated. When it comes to general liability, public entities face a broad spectrum of exposures due to their diverse operations. These can include liabilities arising from the maintenance of public property, law enforcement activities, public events, and […]
It seems that lately, everywhere you turn, you see AI in the headlines, particularly the topic of Generative AI and its promises for changing the way organizations do business. How much of that promise is hype, and how much is reality? First, it helps to define Generative AI and how it differs from traditional AI. […]
Leveraging Modern Core Technology to Maintain Relevance, Efficiency and Expertise The insurance industry is facing a perfect storm. A wave of retirements threatens to wash away decades of accumulated experience, leaving a gaping hole in institutional knowledge. With a median age significantly higher than other financial sectors, estimates suggest nearly half the current workforce will retire within the […]
Insurers have always paid close attention to their KPIs to assess overall performance and identify areas for improvement. In recent years, in an increasingly competitive market, finding such areas has become more challenging. Almost daily, the news features stories of P&C insurers struggling with rising loss ratios, particularly in property, liability, and worker’s comp lines. […]
Subrogation is a vital component of insurers’ risk management and claims handling strategies, enabling them to recover costs, control premiums, mitigate risks, and maintain financial stability, all of which are essential for long-term success in the insurance industry. Insurers that are adept at it are able to improve loss ratios, remain compliant, and gain a […]
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.
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 […]
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 it so important to reduce leakage? Even […]