Driving Operational Excellence in Claims Management
5 key areas for operational improvements
Property & Casualty (P&C) insurers face a myriad of challenges including dwindling pricing power, erratic investment yields, and economic uncertainty. Despite very strong top-line performance over the prior year, 2010 was the second consecutive year in which the industry suffered underwriting losses in the first half of the year.
Since claims are the single largest spend for a P&C insurance company, investing in operational improvements in claims management is one of the most effective strategies to drive profitable growth.
To enhance operational excellence in claims, the following are some of the key areas in which P&C insurers should consider taking action:
- Leveraging advanced analytics
- Supplier management
- Legal cost management
- Technology enablement
- Fraud detection
Read the full report to learn more about how insurers can gain a distinct competitive advantage that drives long-term, profitable growth and increased returns.