Whitepaper: P&C Insurance – Delivering the Promise
An insurance claim, as many property and casualty insurance industry observers have noted, is the “moment of truth” in the relationship between insurer and customer. How quickly and effectively a carrier responds to a time of crisis, loss or inconvenience can mean the difference between a loyal client advocate or a dissatisfied customer quick to share a negative experience with friends and family.
The focus of claims management must be on delivering an outstanding level of customer service – but there is much more to this picture. Claims payouts and loss adjustment expenses also represent the single largest expenditure for insurance companies. Carriers have to manage resources and processes to find the right balance between service and efficiency. That is the crux of the issue for insurers – achieve optimal levels of service while protecting loss ratios and effectively managing all loss adjustment expenses.
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