by: Anne Engleman, engleman, etc.
Patrick Vice, riZx, inc.
Lag time – the time between an incident and claims process
initiation – has been reported to impact overall claims costs including
litigation, administration, and most significantly, ultimate indemnity payments.
But, to what degree? We invite you to read on for details.
We conclude that by reducing ‘lag time’ in addressing claims; risk managers,
brokers, and insurers can substantially reduce costs: loss adjustment, litigation, and indemnity.
We provide metrics that riZx uses to analyze the impact of further reduction in claims
reporting lag time.
This white paper is made available, as a pdf download
(to view or print you will need ACROBAT Reader), to you for your reference. We request that
you send your comments, whether positive or negative, to the author at the address below.
You may feel free to use this report as you wish, subject to appropriate attribution and context.