Many insurers have indicated that reining in claims handling costs is a priority this year and beyond. After examining the root cause of inefficient claims management, insurers have concurred that the onus is on the absence of historical databases.In a customer poll conducted by Jersey City, N.J.-based Insurance Services Office Inc. (ISO), 46% of U.S. insurance organizations identified the lack of historical databases as a major cause of poor claims management.
The survey follows an earlier poll conducted by ISO, a provider of data, analytics and decision-support services for insurers, which revealed that reducing the rising cost of claims handling is the single-most important goal for 2004 to 78% of insurance companies that responded.
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