Analytics + Action: The Critical Difference in Claims
Claims are the single largest spend for a property & casualty insurance company. Typically, up to 80 percent of each earned premium dollar is “claimed by claims” as pay-out and related expenses. Insurers who can equitably settle claims while reducing claims costs by just one percentage point will save significant expenditures.
But claims management may be challenging even for the most adept company. There are multiple processes and a myriad of platforms. Complex duplicative functions are performed, often with outdated technology. Organizational misalignment is not uncommon among key elements of the value chain.
Deloitte’s new claims brochure, " Analytics + Action: The Critical Difference in Claims ," explains a suggested approach for better claims management – to improve the client experience, while also reducing costs. Results of this approach include:
- More stable and predictable loss costs
- More efficient and predictable operating expenses
- Improved loss and expense costs
- Higher overall claim service ratings and policy-holder retention
- Improved employee productivity
- Improved regulatory compliance
To learn more on this topic, download " Analytics + Action: The Critical Difference in Claims ."
As used in this document, ‘Deloitte’ means Deloitte LLP (and its subsidiaries). Please see www.deloitte.com/us/about for a detailed description of the legal structure of Deloitte LLP and its subsidiaries.