by: Anne Engleman, engleman, etc.
Patrick Vice, riZx, inc.
January 2001
Executive Summary:
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.
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