More Data, Earlier: The Value of Incorporating Data and Analytics in Claims Handling
While many property and casualty (P&C) carriers have incorporated third-party data and analytics into their application and underwriting processes, few have integrated them deeply into
their claims process.
To assess how having more data earlier can evolve the claims process, LexisNexis conducted a study of more than 10 million features from A.M. Best's top 20 carriers. For third-party bodily injury settlements, the study found that more data earlier resulted in:
- 15–25 percent lower severity payments*
- 25–49 percent lower attorney involvement
- 5–15 percent shorter cycle times
Access this white paper and learn how integrating third-party data and analytics into the claims lifecycle can help you achieve competitive differentiation and increase profitability - through greater efficiency, reduced costs and increased customer satisfaction.
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