Claims & Reserving
Survey Shows Customers Expect 5-Day Claims Payouts, Not Paper Checks in Future
The vast majority of insureds expect claim payouts to take no more than five days, a new survey shows. The survey shows 82 percent of customers expect claim payouts to take no more than five days, ...
Workers Compensation: Waning Benefits From Decreasing Opioid Rxs
Workers compensation has been a profit juggernaut for the property/casualty insurance industry over the past several years. Underwriting profits from the workers comp line have accounted for the ...
Reducing Claims Overpayment Is Vital for Carrier Survival
Failure to catch overinflated claims is costing the insurance industry tens of billions of dollars each year. Paying too much or too little on a claim isn't beneficial to either the policyholder or ...
Love Thy Frenemies: 3 Reasons an Interconnected Claims Network Benefits the Industry
Coming off the worst underwriting performance in over a decade, the U.S. P/C insurance industry continues to face significant headwinds that threaten profitability and efficiency. Massive ...
Catalytic Theft Claims Triple in Two Years, Crime Bureau Report Finds
Insurance claims for catalytic converter thefts nationwide jumped by 288 percent in just two years, the National Insurance Crime Bureau said in a new report. Claims rose from 16,660 in 2020 to 64,701 ...
Executive Viewpoint: Realizing the Benefits of Predictive Models, AI for Cat Claims
Being a claims professional in today's world is much more complex compared to the past 10 years — or even just five. The insurance industry is experiencing rapid technological advancements, ...
Progressive Falling Short of CR Target; 10 More Points of Rate This Year
With loss reserve actions moving Progressive's first-quarter calendar year combined ratio up to 99, the company is tightening underwriting, cutting advertising spend and taking more rate actions, the ...
Lawsuit, Adjuster Say UPC Altered Louisiana Estimate After Hurricane Ida
The practice of insurance companies revising independent adjusters' damage reports may be as widespread in Louisiana as it is in Florida, according to adjusters and a plaintiffs' attorney who has ...