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Tag Archives: Expense Reduction

  1. Everybody Wants to Make Improvements In Claims But No One Actually Makes It Happen June 15, 2012

    Posted in Claims Technology, Commentary.

    There is so much that needs to be done in the world of claims. Operations need fixing, technology needs improving and a futures need to be defined. For some reason however, we are all really good at talking about it and not so good about doing anything about it. The industry needs to take action. Claims departments need to think creatively and “out-of-the-box” if we are going to attract new talent to the industry. This also means acting and not just talking about acting.

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  2. Time to Get Creative – Reducing Claim Costs without Sacrificing Quality (or your sanity) November 22, 2010

    Posted in Litigation Management, SPOT on Costs, SPOT on Ops.

    In an environment of increased pressure to reduce costs and close claims, bright ideas can help to reduce legal costs while still ensuring great service. In this article, litigation expert Suzanne Ganier speaks about the importance of understanding what you know and what you don’t, analyzing the strengths and weaknesses of those involved in the litigation process, and aligning those analyses with your organization’s philosophies. The result can be a litigation management process that reduces overall claim costs and preserves your sanity.

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  3. 10 Key Steps To Managing Court Reporting Costs Designed To Save Claims Expenses May 21, 2010

    Posted in SPOT on Costs.

    There are simple ways to lower costs so stop throwing money away As a consultant working with insurance carriers and the service and technologies who sell to them, I am often asked about new areas for improved cost management. While there are often many opportunities to consider, I often focus on court reporting costs. Why? […]

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  4. New Claims Technologies To Help Companies Drive Revenue And Differentiate Themselves April 12, 2010

    Posted in Claims Technology.

    New Study By The Gartner Group Shows 10 Technologies With The Greatest Impact For The Property/ Casualty Industry To Drive Revenue. In this post I comment on 4 solutions that can have a dramatic impact on claims and improve bottom lines. Failing to adopt new technology will put companies at a competitive disadvantage. Every company should look to evaluate their current systems and offerings and create a strategic plan to keep up-to-date with software and solutions. Staying ahead of the curve is a sure way to help drive costs down and stand out from those who don’t.

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  5. Cutting Costs Without Overloading The Claims Handler – Part 2 Of The Series April 6, 2010

    Posted in SPOT on Costs.

    In part 2 of this series on cutting cost without overloading claim handlers I given an example of hiring a part-time employee to review legal bills. As noted, sometimes specific types of work, such as legal bill review, subrogation and anti-fraud, can best be handled by dedicated resources. Hiring a part-time employee that can focus on an area of claims is sometimes the best way to get results. Overworking claims handlers with additional tasks not part of their core job function – to evaluate and settle claims – can result in some aspect of their job suffering. Key cost cutting initiatives, such as Anti-Fraud and subrogation recovery, get put aside by the handler and never get the fullest attention needed to be successful. Take a look at the latest example of solutions that work.

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  6. 2 Cost-Cutting Solutions To Get Work Done Without Overloading Claims Handlers March 31, 2010

    Posted in SPOT on Costs.

    Too Many Tasks, And Hiring New Staff Is Not An Option? (Part One of Two) Not every company can afford to hire dedicated teams to focus on cost-saving initiatives such as subrogation or Anti-Fraud. Sometimes there is simply not enough work to justify a full-time position internally. Regardless, failing to focus on cost-saving programs can […]

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  7. The 5 Essential Components of Defense Attorney Reports That Can Improve Claims Costs and Outcomes March 14, 2010

    Posted in Commentary, My SPOT, SPOT on Costs.

    Why are Attorney Evaluation Reports sometimes so light? I was recently conducting an audit of claim files and had the opportunity to review a significant number of Attorney Evaluation reports from a variety of law firms. Like many other things in life, some were better than others. What seemed to be most glaringly consistent was the inability of counsel to truly provide an assessment of exposure and what the case is worth. Every counsel evaluation report should contain 5 basic components that I outline and attorneys should be required to provide their actual valuable opinion. [More…]

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  8. 5 expense reduction opportunities insurance CEOs should not overlook January 27, 2010

    Posted in SPOT on Costs.

    Increased profits come from efficient claims operations: Take a look at that annual reports of the top performing insurance companies and you will see a similar message from their CEO’s. Expense management and efficiency is a principal driver of profitability.In a tight market do less with more without sacrificing quality and significantly customer service is the edge needed to be a top performer. The claims department is the perfect place to lower costs and improve the customer experience at the same time. Here are 5 key areas that should be looked at for cost savings.

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