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Finance & Accounting
Pages 4 (1004 words)
We heard about the importance of keeping expenses low. Use research to explain how recent advances are making the claims settlement process more efficient. Technology would likely be part the advances. We heard about the importance of keeping expenses low.
Today, the firms that operate in the insurance industry have to face an important challenge: the increase of claims is combined with the limitation of demand for insurance contracts; this phenomenon is probably related to the strong financial pressures in markets worldwide. This paper focuses on the claims settlement process. Emphasis is given to the recent advances that have resulted to the increase of efficiency of the claims settlement process. It is proved that claims settlement process can be quite long, especially if the level of compensation involved is high. Still, the advances developed in regard to this process have contributed in the limitation of failures and delays in completing the claims settlement process. In any case, the role of these advances in the increase of efficiency of the claims settlement process is not standardized; local regulations and social ethics can affect the performance of the process even when supportive schemes and means of technology are available. 2. Increase of efficiency of the claims settlement process – recent advances In the past the potentials of insurance to cover the needs of people worldwide were limited. Today, almost most of human activities and almost all types of properties can be secured through an insurance contract (Feetham 2012). In addition, the means used for accessing an insurance contract have been developed (Seltzer & Ochs 2010). ...
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