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Several years ago, spurred by the lackluster performance of stock markets around the globe, many insurance companies launched sweeping cost-reduction programs to offset lower returns on their reserves. Many' of those companies used technology to streamline and automate their claims-management processes, and they achieved new levels of efficiency as a result. A small number of insurers vent even further and gained far more. The companies that revisited their entire claims-management organizations - developing stronger capabilities and smarter processes - are now reaping benefits not only' from more efficient processes hut also from lower payouts on claims and higher levels of customer retention. These leaders in claims management are therefore more profitable and growing faster than their competitors.
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