New Insurance market report from Timetric: "2020 Foresight Report: Operational Efficiency in Non-Life Claims"
Boston, MA -- (SBWIRE) -- 10/17/2013 -- Globally, non-life insurance companies have been registering increasing payouts on account of claims. To deal with this situation, non-life insurers have been taking measures to make their claims management processes more efficient to reduce claim payouts and to curb claims-handling expenses. Non-life insurers are employing advanced technologies to improve their claims management processes. One of these technologies is integrated claims management systems (ICMSs). Non-life insurers have been implementing ICMSs to ensure that they can keep in contact with customers through the customers' preferred devices. ICMS are also being employed to gain a clearer view of claims data, which will help in identifying fraudulent activity. Non-life insurers have also been using predictive analytics to determine specific choices at the time of claims processing and to determine the long-term business potential of customers so that they can be provided with a better claims service.
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- Integrated claims management systems, predictive analytics, mobile devices, claims document and content management systems, straight-through processing and telematics are the important technologies being employed by non-life insurers to improve operational efficiencies in handling claims
- The above technologies are mainly helping non-life insurers to reduce the claims resolution time, the expenses related to claims processing and payouts on account of fraudulent claims
- The US's Patient Protection and Affordable Care Act (PPACA) has been making non-life insurers improve their claims management efficiencies by increasing the competition through establishment of health insurance exchanges and by restricting the proportion of premiums that can be spent on, among others, claims handling expenses
- Solvency II is being instrumental in the improvement of claims management efficiencies of non-life insurance companies by linking capital adequacy to, among others, claims-related risks
- The claims ratios of several key non-life insurance markets are increasingly being adversely impacted due to the occurrence of natural catastrophes
- At the times of economic downturns, there is an increase in payouts on account of fraudulent claims in the non-life insurance segment, especially in developed countries
- This report provides a detailed analysis of some of the key technologies that are being adopted to improve operational efficiencies in the processing of non-life insurance claims
- It details the claims ratios registered by some of the important non-life insurance segments across the world
- It analyses the role being played by some of the important regulations across the world in improving non-life claim processing efficiencies
- It analyses the impact that economic downturns can have on non-life insurance claims
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Companies Mentioned in this Report: Santam Insurance, IBM, Discovery Health, BITanium, ICICI Lombard General Insurance Company, Aetna International, Insurethebox, Co-operative Insurance, Hiscox Ltd.
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