Claims payments and experience are the products property/casualty insurers sell. Claims is the largest expense area for insurers and it's a source of strategic data that can be used to improve underwriting and product development. However, claims processes are not standardized across the industry, and a variety of methodologies are used that vary by size of company, industry sector and the strategy, culture and technical capability of carriers.

To offer insurers a framework to evaluate their claims capabilities, Novarica introduced the Novarica Claims Capability Maturity Model, which includes descriptions of 20 claims functions divided into seven categories: first notice of loss/first report of incident (FNOL/FROI); triage, assignment and investigation; valuation and reserves; payments and recoveries; operations; special processes; and data.

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