The insurance industry estimates that leakage, defined as the difference between what is paid out on a claim plus expenses and what should have been paid, is from 5% to 10% of claims paid annually. Leakage is attributed to a lack of adherence to industry best practices — in other words, missteps committed by the adjuster handling the file. This white paper explores the main factors contributing to claims leakage, the growing complexity of claims handling, and how to leverage the new generation of big data platforms and advanced analytics to reduce claims leakage.
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