In the U.S. P&C industry, claims processes remain fundamentally inefficient and there is a $36 billion opportunity to reduce claims-loss costs and expenses, according to “10 Startups Transforming P&C Claims: A US$36 Billion Opportunity,” a report from Aite Group.
“Claims operations are still extremely labor-intensive, heavily paper-based, and data-rich but information-poor,” said Stephen Applebaum, author and senior analyst at Aite Group in the report. “As visionary P&C insurers reinvent themselves around newly emerging operating models that involve customer-centricity as an enterprise-wide design paradigm, this outdated view of claims is changing.”
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