Improving the corporate bottom line may be every executive’s ambition, but when it comes to addressing the most costly portion of insurance services--claims handling--insurers appear to be coming up short, a new survey revealed.
When it comes to the claims process and loss adjustment expenses, a survey by the claims consulting firm Accenture found that companies devote an inadequate amount of resources to the function.
The survey by the Chicago-based firm was released during the recent annual conference of the New York-based Risk and Insurance Management Society. The five-year study was based on an analysis of over 7,000 settled claims and interviews with some 3,000 claims personnel in North America and Europe, G. Victor Guyan, a partner in the firm, said in an interview at the RIMS conference.
