The U.S. insurance industry continues to exhibit its remarkable resilience, as underscored by its impressive financial turnaround in recent years. However, sustaining this momentum and preparing for future challenges demand more than just traditional strategies. As highlighted by the exceptional leaders featured in Insurance Business America’s Hot 100 2025, the road ahead involves fostering technological…
In today’s ever-evolving insurance landscape, the need for claims departments to stay agile, compliant, and customer-focused has never been more critical. As we near the end of yet another year, an annual review of operations is not just a best practice—it’s a cornerstone of maintaining excellence in claims management. By systematically evaluating key areas, claims…
Addressing the Challenges of Accurate Data The integration of data analytics and predictive modeling into litigation management can revolutionize how insurers handle claims, especially considering some of the new technologies hitting the market. For years the focus has been on billing data to help manage counsel and litigation. This type of information provided some insight…
Yes, I am biased. I am an independent consultant, but I have also worked at a large consulting firm. The current insurance environment is in a rapid state of change, where claims departments are struggling to be competitive and efficient due to increased claims volumes and complexities. Technology could transform every step of the claims…
If you have read my blog, I think you know I am a huge fan of the need and benefits of technology. While technological advances like AI and automation have revolutionized processes, there still remains an undeniable truth: the human element is irreplaceable. While automation has enhanced efficiency, accuracy, and speed in claims handling, the…
In the fast-paced world of insurance claims, the First Notice of Loss (FNOL) process is the critical first step that can make or break the entire claims experience. It’s the moment of truth where insurers have the opportunity to set the tone for the entire claims journey. Let’s dive into some best practices and cutting-edge…
I hate to state the obvious, but accurate, timely and consistent reserving is the one truth that remains constant in the ever-evolving world of insurance. As a recent industry analysis pointed out, “This gap ultimately impacts claims and reserves, as carriers with outstanding cases will have to ensure they have adequate reserves to handle payouts…
In today’s landscape of escalating lawsuit costs and economic uncertainty, managing litigation severity has become a critical challenge for claims departments (see Social Inflation is up). The question is: how can we effectively address this issue without compromising efficiency or breaking the bank? Let’s explore a data-driven, technology-powered approach to litigation management that can help…
Let’s face it, implementing a new technology into existing processes and systems is no easy task. But in today’s fast-paced insurance world, it’s not just about upgrading tech—it’s about transforming your entire claims ecosystem. So, how do we ensure that this shiny new penny enhances rather than disrupts our current processes? Buckle up, folks, because…
Swiss Re’s latest report on social inflation is a must-read for claims professionals. Their sigma No 4/2024 study, “Litigation costs drive claims inflation: indexing liability loss trends,” offers a comprehensive look at this growing challenge. The findings are sobering: the U.S. liability risk pool is expanding rapidly, with commercial casualty insurance sector losses growing at…