Keeping up with top-of-mind executive concerns
STP Staking a Claim
Insurers are gaining a competitive edge in the claims area with
straight-through processing. By Bob Violino
Long discussed, insurers are now realizing the benefits of straight-through processing (S TP)—particularly for claims.
Using STP to process certain
claims electronically from first notice
of loss to closure without the need
for re-keying or manual intervention
has obvious hard and soft benefits.
STP can help firms decrease operating costs, speed service and enhance
operational effectiveness. Adopted in
various financial services sectors in
recent years, and many insurers are
embracing STP, experts say.
“There is a definite trend toward
straight-through processing, especially
with carriers that have call centers,” says
Karen Pauli, a research director in the
insurance practice at consulting firm
TowerGroup in Needham, Mass.
Pauli says TowerGroup research
shows that cost reduction and custom-
er satisfaction are key drivers to STP