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 […]
Generative AI: Transforming the Insurance Industry
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 the “Generative AI is transforming the insurance industry” promise is hype, and how much is reality? First, it helps to define Generative AI […]
Retaining Institutional Knowledge
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 […]
5 Techniques Insurers Can Use to Rein In Litigation Rate
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. […]
Decreasing Average Time to Settle
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 […]
Spear Technologies’ SpearClaims™ Rated Technology Standout by Celent
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. […]