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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 […]
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 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 […]
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 […]
DENVER, CO – Spear Technologies (“Spear”), a leading provider of property and casualty insurance software solutions, has been named a Technology Standout by Celent in their Claims Systems Vendors: North American P&C Insurance 2024 report. SpearClaimsTM is an integral part of SpearSuite TM, which includes claims, policy, billing, and portal core insurance software solutions. […]
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 […]