August 26, 2011 – With claims representing more than 80 percent of P&C insurers’ costs today, the business case for investing in the claims process is sound.
A new report from Boston-based Aite Group examines how the use of predictive analytics can significantly improve the claims process by affording greater consistency in claims processing, improved accuracy in loss reserving, and a shared, single view of the customer. “Claims management is the best suited operational area of insurance for the many and varied benefits of predictive analytics,” the report states. “Claims is truly the “moment of truth” for carriers to deliver on their obligations and promises to their customers; based on the historically low post-claim retention rate, it is also an area with lots of room for improvement.”
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