ISO poll shows US worries over claims costs

According to a new poll carried out by the Insurance Services Office (ISO), 78% of US insurance comp...

According to a new poll carried out by the Insurance Services Office (ISO), 78% of US insurance companies identify cost reduction in claims-handling processes as their most important goal for 2004.

Key areas identified by the companies surveyed are reducing costs (42%), improving claims-handling efficiency (25%) and reducing fraud (10%).

When asked what one thing they would improve in their claims-handling staff, 58% singled out increased knowledge and staff training as the most important area for improvement, and another 25% identified increasing staff efficiency. The findings are the first in a series of ongoing surveys conducted by ISO to highlight major factors affecting bodily injury claims management to enable insurers to achieve best practices across their claims-handling processes.

"Reducing claims-handling costs by settling a claim fairly and equitably - and as quickly as possible - is in everyone's interest," said Lee Fogle, ISO vice-president of claims services. "Our customers tell us empowering claims handlers with more information about similar claims and injuries is one of the most important areas for combating the rising costs of personal injury claims.

"Combining claims management best practices with continuous measurements of outcomes is critical to reducing the cost of claims handling."

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