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Date Trend snippet:
22 January 2021
Relevance date:
2021
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Source of threat
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- Trend snippet: Insurers hone in on cost control, containing claim leakage becomes the top priority for general insurance
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The HSD Trendmonitor is designed to provide access to relevant content on various subjects in the safety and security domain, to identify relevant developments and to connect knowledge and organisations. The safety and security domain encompasses a vast number of subjects. Four relevant taxonomies (type of threat or opportunity, victim, source of threat and domain of application) have been constructed in order to visualize all of these subjects. The taxonomies and related category descriptions have been carefully composed according to other taxonomies, European and international standards and our own expertise.
In order to identify safety and security related trends, relevant reports and HSD news articles are continuously scanned, analysed and classified by hand according to the four taxonomies. This results in a wide array of observations, which we call ‘Trend Snippets’. Multiple Trend Snippets combined can provide insights into safety and security trends. The size of the circles shows the relative weight of the topic, the filters can be used to further select the most relevant content for you. If you have an addition, question or remark, drop us a line at info@securitydelta.nl.
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Insurers hone in on cost control, containing claim leakage becomes the top priority for general insurance
Along with the coronavirus pandemic and social and economic crises, 2020 has been, for insurers, a year of claims. 2021 promises more of the same as the virus and other events continue to pressure insurers globally.
A key focus for insurers will be controlling claims costs. Along with hefty losses from global natural disasters, COVID-19-related general insurance claim losses could reach $100 billion. The magnitude of the losses will heighten focus on claim leakage, or dollars lost through claims management inefficiencies. As one third-party administrator we interviewed noted, claim leakage is “absolutely a big priority because in our world, anything paid incorrectly comes from our bottom line."
In 2021, expect a flurry of smart analytics investments to identify leakage potential at first notice of loss, as well as a sharper focus overall on claim leakage, with management consultants adopting an improved playbook.
A key focus for insurers will be controlling claims costs. Along with hefty losses from global natural disasters, COVID-19-related general insurance claim losses could reach $100 billion. The magnitude of the losses will heighten focus on claim leakage, or dollars lost through claims management inefficiencies. As one third-party administrator we interviewed noted, claim leakage is “absolutely a big priority because in our world, anything paid incorrectly comes from our bottom line."
In 2021, expect a flurry of smart analytics investments to identify leakage potential at first notice of loss, as well as a sharper focus overall on claim leakage, with management consultants adopting an improved playbook.
More source info
Along with the coronavirus pandemic and social and economic crises, 2020 has been, for insurers, a year of claims. 2021 promises more of the same as the virus and other events continue to pressure insurers globally.
A key focus for insurers will be controlling claims costs. Along with hefty losses from global natural disasters, COVID-19-related general insurance claim losses could reach $100 billion. The magnitude of the losses will heighten focus on claim leakage, or dollars lost through claims management inefficiencies. As one third-party administrator we interviewed noted, claim leakage is “absolutely a big priority because in our world, anything paid incorrectly comes from our bottom line."
In 2021, expect a flurry of smart analytics investments to identify leakage potential at first notice of loss, as well as a sharper focus overall on claim leakage, with management consultants adopting an improved playbook.
