what are the common pain areas in insurance industry?

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PostPosted: Tue Feb 19, 2008 6:48 am   Post subject: what are the common pain areas in insurance industry?  

common pain areas regarding in the data management, data flow, how the data can help in making the decisions

rajesht777
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PostPosted: Wed Feb 20, 2008 4:44 am   Post subject:   

You might go a little more into detail. Are you asking about Risk Factors and such?



Quote:
High risk auto insurance risk factor profiling



An insurance company keeps records on motor vehicle insurance (or automobile insurance) information in its database containing driver and vehicle information: Gender, age, license experience, education, occupation, drinking, smoking, mobile phone use; vehicle manufacturer, type, model, year make, and so on. The company wishes to know which motor vehicle insurance is at the highest risk groups, i.e., highest average insurance payouts.




I can find information all day for you if you can give some more detail.
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PostPosted: Wed Feb 20, 2008 7:18 am   Post subject: Just my opinion  

Well, I feel the underwriting-procedure is the most challenging one. The simple reason being the business motive of the company as well as the satisfaction of the prospective consumer. The company knows the full description of benefits that they would be offering, so they need to make the design cost-effective. At the same time, they would also need to secure the interest of the 'named-insured' as he'd be the one who'd reach out to the outer-world as their brand-promoter.

Regards,

Callous-@-mind-not-@-heart


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PostPosted: Wed Feb 20, 2008 7:24 am   Post subject:   

Hi yeah!



The underwriters' job is a pain..as much as the adjusters' job is. I feel it is equally challenging for us adjusters to process a claim when it comes to actually materializing what had been stated by the underwriter. Am I correct!

The consumer had been contributing to your company's capital fund till that stretch of time when a mishap may have occured. That is the juncture, when the adjuster would need to take a call, a 'call' that would be decisive at protecting the relationship with the consumer as well as ensuring that the carrier is not at his wit's end! Plasticmind


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