July 29, 2010
Category | Optimization strategy | Range of potential benefits |
---|---|---|
Partner expense management | Legal management | 1-2% reduction in legal spend |
Legal spend and demand management | 4-6% reduction in legal spend | |
Expense management of other external vendors | 4-10% reduction in other vendor spend | |
Indemnity loss management | Claims loss management | 1-3% of loss and/or allocated loss adjustment expense (ALAE) costs |
Advanced analytics for fraud and recovery management | 1-2% of loss and/or ALAE costs | |
Medical cost management | 2-4% of medical-related spend | |
Litigation management | 5% of litigation spend and potential reduction in litigated claims | |
Operational excellence | Human capital management | 5-10% productivity improvement |
Content management | 5% productivity improvement | |
Electronic invoicing and payment processing | 1-2% productivity improvement | |
1-2% productivity improvement | 30% reduction in payment-processing costs | |
Revenue uplift | Customer retention | 5-15% increase in retention ratio of target customers |
Source: PwC Insurance Club EyeOpener Webcast
© Copyright 2010 Rogers Publishing Ltd. This article first appeared in the May 2010 edition of Canadian Insurance Top Broker magazine.
This story was originally published by Canadian Insurance Top Broker.