Making claims a profit center.(Claims Technology)

The title of this article is not an oxymoron. Claims can be a profit center, one that positively influences the bottom line while maintaining a high standard of customer satisfaction. Making claims a profit center takes a shift of focus, along with dedication to strategic management practices. The tools and technologies are currently available, and the time to begin has never been better.

Recent insurance industry statistics underscore the immediate need for change. Between 1997 and 2001, property claim severity increased at a compounded rate of 9 to 12 percent per year