Estimating solution used has signicant impact on operations

The estimating solution an insurance company uses has a significant impact on claims operations, financial performance and corporate image, according to a report released by Celent, Claim Estimation Solutions: Overview and Solution Spectrum.
A claim estimation solution documents the physical aspects of a loss, in addition to an estimate of cost associated with repairing, restoring, replacing and settling a claim for a particular loss.
“Estimation solutions provide business benefits by enabling the estimation part of the claims process to be fast, accurate, consistent, and fair,” Donald Light, senior analyst and author of the report, said in a release. “An insurance company choosing a claim estimation solution should consider issues of control of workflow and decisions, ease of use, continuous improvement in estimation processes, and systems integration.
The report looks at three categories of loss estimation solutions automobile physical damage, property, and bodily injury to help insurers make informed choices.
In conclusion, the report notes that an insurance company choosing a claim estimation solution should ask a number of questions in order to examine the features and functionality that enable control, ease of use, continuous improvement, and integration.
More information is available at:http://www.celent.com/PressReleases/20070910/ClaimEstSol.htm