Young happy couple talking to their insurance agent during a meeting in the office
LegalFebruary 04, 2025

eBook: A better approach to spend management for the insurance industry

Accelerate savings, compliance, and efficiencies to offset social inflation

While economic inflation grabs headlines, social inflation is what keeps claims and legal departments awake at night. Social inflation refers to the rising complexity, frequency, and cost of litigation driven by factors like broader liability definitions, plaintiff-friendly legal rules, and nuclear verdicts. Additionally, rising material costs are driving up both claims costs and premiums.

For insurance companies, managing spend is more crucial than ever. To streamline operations and control costs, legal and claims departments must prioritize efficiency and cost-effectiveness.

By adopting e-billing and AI, these departments can shift focus from routine tasks to high-value work, leading to significant cost savings, improved operational efficiency, sustained compliance, and enhanced economic resilience.

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