INN: With approximately 80% of premium dollars going toward losses and loss adjustment expenses, what should carriers do to reduce expenses associated with claims processing?Tim Helton, ImageNow: Invest in solutions that directly impact the labor-intensive aspects of claims processing. Having to copy, file and route paper burdens even the most efficient claims process. Electronic document imaging and workflow solutions optimize work processes and simultaneously provide an electronic audit trail of all document touch-points. Solutions are available at practical price points that integrate seamlessly into claims applications. Carriers can realize gains in claims expense control and identify processing bottlenecks as they materialize.

Marcus Ryu, GuideWire Software: The great opportunity in claims today is to improve outcomes by instilling flexibility in the claim process. The traditional one-size-fits-all approach, hoping for the best from overburdened adjusters, leads to systematic errors - errors costing the industry over $30 billion every year. Instead, insurers should identify the best practices that reduce claims costs, and use technology to embed those best practices in the claim process. Successful insurers can shave multiple points off their loss ratios and dramatically increase their surpluses.

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