Hurricane Harvey is likely to come in as one of the most expensive storms to hit the United States. Losses could mount to $30 billion, according to one estimate posted by Bloomberg. And the number of claims will surely be in the tens of thousands.
The P&C claim is the moment of truth for carriers. Insurers have to get the process right for a number of reasons. Chiefly, carriers have to fulfill their promises made to policyholders in the event a loss is suffered, which runs hand-in-hand with policyholder satisfaction and higher retention rates. But carriers also have to maintain profitability and want to avoid paying out more than they have to.
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