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Claims Outcome

Done right, claims transformation has the potential to reduce indemnityand expenses by up to 12%, while also improving customer satisfaction.

CategoryOptimization strategyRange of potential benefits
Partner expense managementLegal management1-2% reduction in legal spend
Legal spend and demand management4-6% reduction in legal spend
Expense management of other external vendors4-10% reduction in other vendor spend
Indemnity loss managementClaims loss management1-3% of loss and/or allocated loss adjustment expense (ALAE) costs
Advanced analytics for fraud and recovery management1-2% of loss and/or ALAE costs
Medical cost management2-4% of medical-related spend
Litigation management5% of litigation spend and potential reduction in litigated claims
Operational excellenceHuman capital management5-10% productivity improvement
Content management5% productivity improvement
Electronic invoicing and payment processing1-2% productivity improvement
1-2% productivity improvement30% reduction in payment-processing costs
Revenue upliftCustomer retention5-15% increase in retention ratio of target customers

Source: PwC Insurance Club EyeOpener Webcast

© Copyright 2010 Rogers Publishing Ltd. This article first appeared in the May 2010 edition of Canadian Insurance Top Broker magazine.

Transcontinental Media G.P.