The property & casualty insurance industry today faces a lot of challenges including market pressures, technology, rising claim cost, expense management, legislation, compliance and more. The top property and casualty insurance companies have to take these challenges in stride. They often do things with a different approach to set themselves apart from the competition.
These top performing companies in particular maintain efficient operating models; they meet the needs of their clients and successfully execute their business strategy.
There are some benchmark practices that set apart the top performing companies from the rest of the industry. To learn more about casualty insurance companies you can take the help of the internet.
Today companies must manage significant changes in workloads and workflows in all areas of their organization as a result of technological advances and changing market conditions.
The top property & casualty insurance companies have about 19% fewer employees when measured against premiums written. Also web-based technology, enterprise content management, predictive modeling have significantly impacted on operating models.
The ability to switch to new technology has provided significant savings in expense and a more efficient workforce. For instance, imaging and automated workflow has provided the companies the opportunity to centralize the back office operations while still keeping the customer-facing activities in the field.
They have also succeeded in maintaining a staff to management ratio of 6.8 to 1, in comparison to 5.3 to 1, on the average. This difference in staff to management equals a savings of nearly $2,200 per employee, on the average.