P/C sector relies on inefficient claims processes, report says

06/26/2013 | Insurance Networking News

The property/casualty insurance industry's claims processes lack efficiency, and insurers could take steps to curb claims-loss costs by $36 billion, according to an Aite Group report. "Smaller P&C carriers should leverage new and innovative claims solutions far more than they currently do," said Stephen Applebaum of Aite Group. "This will eliminate disadvantages of scale, allowing smaller carriers to compete on a more equal footing with top-tier carriers by reducing claims leakage, cost per claim and cycle time, and by increasing cost-effective customer service, underwriting accuracy and profitability."

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