The Institutes

Navigating the Complex Landscape of Timed Demands

 Thursday, November 17, 2022

 CLM Magazine

There is a growing trend of states recognizing time-sensitive demands, which can carry extra-contractual exposures for insurers. Insurers are faced with large claim volume, excessively large demand packages, and time-sensitive deadlines imposed upon them by state regulators and agencies.

The burden to review complex legal and health care documents is growing. Relying on business processes that are antiquated is no longer viable to keep pace with the increasing pressure.

In today’s environment, where cloud technologies and artificial intelligence (AI) are transforming industries and less human interaction is the norm, carriers are seeking solutions to mitigate their exposure. Moreover, economic pressures to drive down costs, while increasing productivity and efficiencies, continue to be significant factors that will distinguish the insurance industry market leaders of the future.

Insurers are typically looking for ways to reduce claims processing time and increase accuracy that will result in loss adjustment savings and a reduction in liability exposure.
Technology
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