Jersey City, N.J. - ISO has identified a six-point strategy where technology now exists for the effective management of claims through improved visibility of the claims handling process, establishing best practices and a more accurate assessment of injuries and recovery implications.Statistics from the Insurance Research Council (IRC) have shown that claims cost inflation has risen at an average of around 7% every year since 1997, with the average bodily injury claim cost rising from $4,804 in 1997 to $6,711 in 2002.
In line with this, ISO's research has shown that the No. 1 goal for insurers is reducing claims handling costs. Fifty-eight percent of insurers identified increasing staff knowledge and training as their key concern, while 25% cited enhanced claim handler efficiency.
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