To lower loss costs and increase operational efficiencies, P&C insurers are looking to the lower labor costs associated with paper pushing and are increasing their workflow and document management capabilities and derive value from predictive analytics, according to “Property/Casualty Claims Systems: A Novarica Market Navigator Report.”
The claims experience is generally perceived as the moment of truth between insureds and insurers, and higher levels of service and technological access are expected by claimants, Novarica said. Satisfying those desires helps reduce customer churn and has the potential to lower loss costs and increase insurer profitability.
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