The Art of Claims—Breaking the Speed-Accuracy Conundrum
The speed of insurance claims settlement is one of the most important contributors to customer loyalty. However, the accuracy of settlements is also critically important, since even a 1% lapse in accuracy can result in huge losses to the insurer.
The complexity of the claims process makes it difficult for insurers to maintain speed while ensuring high levels of accuracy. The ideal claims settlement process exists when the speed-accuracy conundrum is effectively balanced.
In this whitepaper, you will read about:
- The key components of the speed-accuracy conundrum
- The main factors that affect the speed and accuracy of claims settlement
- How insurers can break the speed-accuracy conundrum