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The Challenge for Insurers Premium growth is flat. Investment income is down. How do Insurers Increase Profits? - With expense reductions
The Largest expenditure of any insurance company is claim payments, comprising between 60% - 80% of premium income. However, the settlement of claims is often an ignored process when it comes to technology.
Claims Leakage
Studies indicate that more than 10% of premium income is wasted through Claims Leakage. This totals over $30 billion each year.
Claims Leakage is the avoidable expenditures related to the claims settlement process which include inefficient processing, improper payment, compliance fines, and poor decision making.
The only way to curb Claims Leakage is with technology. With technology, you can automate your best practices, guide examiners through compliance, and generate accurate and timely reports.
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