Technology Could Cut 15% of Loss Costs and Adjustment Expense

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.