Rethinking error management in insurance

The expense of correcting errors, or business exceptions, exceeds $10bn each year and is a significant operational cost to insurers. It’s about time the industry update its approach to correcting quotation and claims errors in order to manage costs and keep policyholders happy, says John Maclean, director of marketing, EMEA, at business process consultancy Vitria.

Insurance is a very competitive industry. The marketplace is unforgiving, with customers demanding that their claims are processed both quickly and efficiently, switching easily to a new insurance provider based on one ‘bad experience’.