“What are the top trends affecting claims resolution?”
“Insurance should be simple, you pay a premium and you get your claim paid, but that’s not always the case today. We are seeing an increase in carriers assigning coverage counsel at notice of claim and more strict interpretation of policy terms and conditions. As a result, it’s imperative that clear underwriting terms are addressed at placement.”
-Joe Picone, Chief Claims Officer, Strategic Outcomes Practice, Willis North America. CLM member since 2012.
“Emerging developments in predictive analytics and enhanced focus on effective legal service delivery models are key areas that will provide valuable impact on claims resolution.”
-Helen Gillcrist, VP & Manager, Enterprise Legal Services, Liberty Mutual Insurance Company. CLM member since 2008.
“While not emerging trends, average cycle times, average indemnity and expense payments, and comparative negligence application will drive claims organizations to resolve claims to better realize improved loss costs.”
-Frank Ramsay, Claims Practice Leader, Towers Watson. CLM member since 2012.
“There is a movement for faster turnaround for both the consultant and adjuster in the interest of reducing cost and staff demands. Scope reduction and short-form reports are becoming an accepted practice.”
-Ron Holt, President and CEO, EFI Global. CLM member since 2012.
90%
The percent of claims executives who consider predictive analytics as its most actionable use, given the amount of data now available. Source: 2011/2012 Aite Group Survey
1 Billion
The number of global customers that will own a smartphone by 2016. Source: Forrester Research
22%
The percent of large insurers with mobile claims capabilities either active or in the works. Midsize insurers are at 20%. Source: Novarica U.S. Insurer IT Budgets and Projects for 2012 Study
16%
CLOs who say “Efficient Delivery of Legal Services” is their number one priority for 2012—24.1% say “Control Costs/Budget.” Source: Altman Weil 2011 Chief Legal Officer Survey
10%
Expected growth for employment of lawyers from 2010-2020. Source: U.S. Department of Labor Bureau of Labor Statistics