Although American inventor and Founding Father Benjamin Franklin was not referring to insurance when he penned the famous words ‘time is money,’ today’s risk managers should take the expression to heart if they wish to reduce their companies’ claims costs.

The more time it takes to resolve a claim, the more expensive the claim will be, attendees heard recently at the RIMS Live 2021 virtual conference.

And so, the key to reduce claims costs is to reach out to the claimants as soon as possible, before the whole thing hits the courts.

To overcome rising claims costs, and with social inflation increasingly forcing companies to pay out more, risk managers must use technology to quicken the pace of communications with stakeholders in the claims process, in addition to putting an end to delays in working out resolutions.