Technology Could Cut 15% of Loss Costs and Adjustment Expense (Canadian Underwriter)

Technology Could Cut 15% of Loss Costs and Adjustment Expense

  Wednesday, July 23rd, 2014 Source: Canadian Underwriter

The insurance industry is poised to see high performance claims transformation if it takes steps to turn routinely overlooked data into actionable information and knowledge, suggests a report published last week by Aite Group.Aite Group research finds that approximately 15% of loss costs and loss adjustment expense could be saved with the proper use of technology, notes a statement from the company, an independent research and advisory firm focused on business, technology and regulatory issues and their impact on the financial services industry.

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