Technological Refinements in Claims management.
Claims processing involves reviewing loss details, policy coverage, and calculating payouts for policyholders. It plays a critical role in insurance profitability and customer satisfaction, as it accounts for nearly 70% of insurance business costs. Effective claims management is key to detecting and preventing fraud, which constitutes about 10% of total claims costs. The majority (90%) of claims management focuses on resolving legitimate customer issues. Additionally, 87% of customers consider claims processing efficiency a deciding factor when switching providers.