Claims fraud may occur in only 2 percent of claims, according to some estimates, but early detection — and prevention — are growing in importance. Why? According to a new study by Celent, as reported in Insurance Networking News, property/casualty insurers have faced increasing challenges in generating underwriting profits. Those challenges result in more pressure [...]
ROI
When a home enters foreclosure, the risk of neglect increases. Some homeowners no longer see the point of maintaining properties they’re about to lose. Others simply may not be able to afford to make the necessary investments in upkeep. Those problems can result in property claims that increase your expenses and ultimately affect your other [...]
Could your team handle its claims more effectively? Every organization has room for improvement, and in the claims department, a few operational changes could lead to several points off your company’s loss ratio. Streamlining your claims-handling process begins with asking yourself a few questions about your current operations. Watch this video to get insights into [...]
Foreclosure remains a problem in the United States, and claim departments need to stay vigilant. According to data from CoreLogic, 1.3 million homes were in foreclosure in August 2012 — that’s approximately 3.2 percent of homes with mortgages. And with the strain that foreclosure places on homeowners comes the temptation of impropriety. A claim payment [...]
Is disruption coming to the property/casualty insurance industry? According to a new report from Novarica, five factors may bring change to the sector, with “Big Data and analytics” and “catastrophe losses” among them. Fourteen percent of respondents, according to the survey of 82 property/casualty and life insurers, identify Big Data and analytics as one of [...]
When a catastrophe strikes, the claims department has one primary mission: serving its customers. But that mission also fulfills another purpose. By delivering a superior claims experience, with knowledgeable claims professionals who process claims accurately and quickly, an insurer applies its most important marketing tool: customer satisfaction. That effect then multiplies when one happy customer [...]
