Claims and Costs News

Lemonade Boasts Claims Settlement Speed Record, AI Jim Answers Questions

Recently, Lemonade reported a claim handling world record. The insurer reported a claim settlement speed record – 3 seconds and no paperwork. According to the insurer, a policyholder submitted a theft claim for a $979 Canada Goose Langford Parka on …

How Insurers Can Combat the Rising Cost of Third Party Auto Claims

Insurance carriers today are struggling to keep up with the rising cost of third party auto claims. While there are multiple factors driving up costs, there are three primary problems that stand out – complex industry trends, inconsistent evaluation and …

Swiss Re Estimates 2016 Cat Insured Losses at $49B

Earthquakes, hail, thunderstorms and Hurricane Matthew resulted in the largest insurance losses in 2016. Total economic losses from natural catastrophes and man-made disasters in 2016 are estimated to be $158 billion in 2016, according to figures released by Swiss Re. …

Record Texas Hailstorm Losses in 2016

In 2016, Texas suffered through another costly year of weather-related losses for homeowners and autos. Looking only at loss information through the end of September, it has been a year of record losses for hailstorms. The months of March and …

Advocacy-Based Models, Analytics Highlight Best Practices Used by Successful Workers’ Comp Firms

Better performing workers’ comp claims organizations utilize key performance indicators, data analytics and an advocacy-based model to successfully manage claims, according to Rising Medical Solution’s most recent Workers’ Compensation Benchmarking Study. Better performing workers’ comp claims organizations utilize key performance …

BoatUS Estimates Hurricane Matthew Damage to Recreational Boats at $110M

Hurricane Matthew, which threatened four coastal states as it corkscrewed through the Atlantic in early October, caused an estimated $110 million in damage to recreational boats, according to Boat Owners Association of The United States (BoatUS). The national advocacy, services …

Word of Mouth, Desire for More Money Leads Injured Auto Crash Claimants to Hire Attorneys

In a recent online poll about experiences with auto injury insurance claims, almost half of respondents with auto injury claims hired attorneys to help settle those claims, according to a survey commissioned by the Insurance Research Council. The most common …

Decline in ER Visits, Claims Costs Spurs EMPLOYERS to Expand Nurse Triage Hotline

Reductions in emergency room visits and total claim costs prompted EMPLOYERS, a small business insurance specialist, to expand its Injured Employee Hotline nationwide. The service, which began as a test in Florida in 2014, gives injured workers the option to …

How Data Analytics Helps to Control Workers’ Comp Claims and Costs

Several challenges unique to workers’ compensation claims highlight the benefits of a robust data analytics system, according to a panel of experts who presented on the subject during Verisk Insurance Solutions’ Monday webinar series. Underwriting new risks, managing medical provider …

Cycle Time Is King

Workers’ compensation is essentially a collection of interrelated actions taken by the employer, payer, provider and injured worker in the service of the injured worker’s recovery and return to work. Putting the injured worker at the center of this activity …