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In the continuing quest for enhanced profits and improved profit margins, the attention of the insurance executive will inevitably fall on claims and claims handling. Small wonder. Claim losses and claims handling expense form the largest share of P&C company expenditures. Moreover, claims handling represents the most intensive form of interaction with policyholders. A poor experience here leads to dissatisfaction and lost customers. Replacing those customers is costly, an expense many times the cost of retaining them. Perhaps most important, claims handling, as one of the most labor intensive activities of insurers, is accurately seen as especially ripe for cost savings through automation and other computerized enhancements.
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