The insurance industry is undergoing a revolution – technological advancements are transforming how claims are processed, putting an end to labour-intensive systems.
Europe-based manufacturer discovered recently, the value of a policy often becomes evident only after a company has suffered a loss and made a claim. Managers at the firm in question were shocked to discover that the company’s insurance covered only 85% of what turned out to be a substantial claim. As a result, the balance had to be met from the company’s financial reserves. >>
Source: Strategic Risk