Operational Efficiency

Costs are often seen as a negative topic, but cost is actually the precious investment we make in the most important things we can do to drive growth.

ITL FOCUS is a monthly initiative featuring topics related to innovation in risk management and insurance.

Technology is getting more sophisticated about all parts of the process, from targeting prospects for ads all the way through paying claims.

The data at the industry’s disposal has hit critical mass, setting the stage for efficiency gains up to 10% to 20% with GenAI. 

Enhanced customer experience, cost reduction, fraud prevention, improved accuracy and scalability make it a compelling choice for the industry. 

Insurers that decide they can handle claims with young, inexpensive, inexperienced and untrained claims handlers should be accosted by angry stockholders.

By adopting automation and sustainability, insurance carriers can enhance the customer experience while driving down operating costs. 

State rainy-day funds have remained at near-record levels, offering a cushion against inflation and increased costs.