Claims management: presentation, evaluation, settlement

The claims management process is triggered when a policyholder suffers a loss or damage covered by their insurance policy. Following the occurrence of unforeseeable events such as accidents, property damage or other types of insurable incidents. It involves three steps: the presentation of the case. The assessment of the damage and the payment of compensation for the loss suffered. As regards the necessary documentation, claims management is activated from the moment all useful information relating to the accident or specific loss is collected and includes any supporting evidence that can objectively be considered relevant (for example, regarding the cause of the event and the existence and extent of the damage).

The principle that guides the management of claims

Is the fair and timely payment to the insured of the amount established, based on the terms and conditions of the policy. The decision-making Poland Phone Number Data process involves evaluating the validity of the complaint and determining appropriate compensation. Although both claims management and renewal processes contribute to the overall functioning of an insurance company, they take on profoundly different functions: in the first case a timely response must be provided in the event of an accident, in the second the ultimate aim is to maintain coverage in the time. In summary, new technologies have had a profound impact on the insurance industry by redefining both renewal and claims practices.

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In general, while “intelligent” algorithms

Improve the accuracy of predictions, digital interfaces provide interactive and customer-centric experiences. While policy renewal processes Finland Phone Number List benefit from predictive analytics, IoT devices and blockchain (which help simplify risk assessment and decision-making), claims management has undergone a major acceleration thanks to automation, artificial intelligence and data analysis. Technological innovations reduce overall operating costs, improve customer satisfaction and create more agile and efficient insurance ecosystems.  But what are these tools in detail? And how can they support claims management processes?

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