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Techniques Of Claim Settlement

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Techniques Of Claim Settlement

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Author : JAGENDRA RANA
language : en
Publisher: Blue Rose Publishers
Release Date : 2022-09-22

Techniques Of Claim Settlement written by JAGENDRA RANA and has been published by Blue Rose Publishers this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022-09-22 with Law categories.

Claim settlement is one of the most important services that an insurance company can provide to its customers. Insurance companies have an obligation to settle claims promptly.Technology is now being increasingly utilised to make the insurance claims simpler, faster and more cost effective The nature of the claims process makes certain tasks repetitive, and the outdated processes do little to improve claim turnaround times, leading to frustrated customers. Advancements are being made in the field of Artificial Intelligence (AI), and the technology holds enormous potential for disrupting the insurance industry, especially the claims process. Times are changing slowly but surely as insurance companies are embracing technology in an attempt to make the claims process faster, consistent and qualitative.

Reducing Construction Costs

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Author : National Research Council
language : en
Publisher: National Academies Press
Release Date : 2007-10-09

Reducing Construction Costs written by National Research Council and has been published by National Academies Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007-10-09 with Technology & Engineering categories.

The National Academy of Construction (NAC) has determined that disputes, and their accompanying inefficiencies and costs, constitute a significant problem for the industry. In 2002, the NAC assessed the industry's progress in attacking this problem and determined that although the tools, techniques, and processes for preventing and efficiently resolving disputes are already in place, they are not being widely used. In 2003, the NAC helped to persuade the Center for Construction Industry Studies (CCIS) at the University of Texas and the Alfred P. Sloan Foundation to finance and conduct empirical research to develop accurate information about the relative transaction costs of various forms of dispute resolution. In 2004 the NAC teamed with the Federal Facilities Council (FFC) of the National Research Council to sponsor the "Government/Industry Forum on Reducing Construction Costs: Uses of Best Dispute Resolution Practices by Project Owners." The forum was held on September 23, 2004, at the National Academy of Sciences in Washington, D.C. Speakers and panelists at the forum addressed several topics. Reducing Construction Costs addresses topics such as the root causes of disputes and the impact of disputes on project costs and the economics of the construction industry. A second topic addressed was dispute resolution tools and techniques for preventing, managing, and resolving construction- related disputes. This report documents examples of successful uses of dispute resolution tools and techniques on some high-profile projects, and also provides ways to encourage greater use of dispute resolution tools throughout the industry. This report addresses steps that owners of construction projects (who have the greatest ability to influence how their projects are conducted) should take in order to make their projects more successful.

An Analysis Of Claims And Claims Avoidance Techniques In The Ship Repair And Overhaul Industry

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Author : Carl Thomas Bright
language : en
Publisher:
Release Date : 1987

An Analysis Of Claims And Claims Avoidance Techniques In The Ship Repair And Overhaul Industry written by Carl Thomas Bright and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1987 with categories.

Claims settlement and claims avoidance in the current ship repair and overhaul industry are extremely difficult. The intense competition and depressed economic status of the industry has forced several industry contractors to adopt contract buy-in and the submission of zero profit margin bids as a business strategy. The lack of commercial repair and overhaul work leaves the Navy as the dominant industry customer. Navy contracts accounted for 90 percent of the entire industry workload in 1986. This research examines the current claims avoidance techniques employed by the Navy and their effectiveness for future claims avoidance. It also recommends management techniques and procedures for the improving claims avoidance. This research has conducted a literature search, supplemented by interviews with Government and industry officials.

An Intelligent Method Of Predicting Insurance Claims Fraud

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Author : David Leicester Kenyon
language : en
Publisher:
Release Date : 2018

An Intelligent Method Of Predicting Insurance Claims Fraud written by David Leicester Kenyon and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018 with Insurance fraud categories.

Insurance fraud costs South Africa (and the global insurance industry) billions of Rands. Insurance claims fraud, which involves over-inflating claim amounts or fabricating a loss to result in a claim settlement, makes up a substantial portion of this cost. It would therefore be beneficial to the insurance industry to have a way of intelligently identifying insurance claims fraud. Current strategies focus on identifying fraud after the fact through methods such as auditing. These methods can be enhanced by predicting whether claims are fraudulent before they get paid, instead of after payment has already been made. Techniques in the fields of data science and machine learning can be used to intelligently predict insurance claims fraud, based on existing data. Because insurers have large sets of data, it is suggested that Big Data be factored in when predicting insurance claims fraud. However, new and proposed privacy legislation requires data scientists to be mindful and consider privacy when mining users℗þ personal information. The current research addresses the problems of insurance fraud, data bloat and information privacy by proposing a framework, model and architecture. The proposed framework contains the processes necessary to intelligently predict insurance claims fraud. The model that is suggested can be used to predict insurance claims fraud. The architecture shows software and hardware components that can be used to create a prototype. The research as a whole discusses this prototype, how it was developed, and how it was tested.

Stochastic Claims Reserving Methods In Insurance

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Author : Mario V. Wüthrich
language : en
Publisher: John Wiley & Sons
Release Date : 2008-04-30

Stochastic Claims Reserving Methods In Insurance written by Mario V. Wüthrich and has been published by John Wiley & Sons this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008-04-30 with Business & Economics categories.

Claims reserving is central to the insurance industry. Insurance liabilities depend on a number of different risk factors which need to be predicted accurately. This prediction of risk factors and outstanding loss liabilities is the core for pricing insurance products, determining the profitability of an insurance company and for considering the financial strength (solvency) of the company. Following several high-profile company insolvencies, regulatory requirements have moved towards a risk-adjusted basis which has lead to the Solvency II developments. The key focus in the new regime is that financial companies need to analyze adverse developments in their portfolios. Reserving actuaries now have to not only estimate reserves for the outstanding loss liabilities but also to quantify possible shortfalls in these reserves that may lead to potential losses. Such an analysis requires stochastic modeling of loss liability cash flows and it can only be done within a stochastic framework. Therefore stochastic loss liability modeling and quantifying prediction uncertainties has become standard under the new legal framework for the financial industry. This book covers all the mathematical theory and practical guidance needed in order to adhere to these stochastic techniques. Starting with the basic mathematical methods, working right through to the latest developments relevant for practical applications; readers will find out how to estimate total claims reserves while at the same time predicting errors and uncertainty are quantified. Accompanying datasets demonstrate all the techniques, which are easily implemented in a spreadsheet. A practical and essential guide, this book is a must-read in the light of the new solvency requirements for the whole insurance industry.

International Mass Claims Processes

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Author : Howard M. Holtzmann
language : en
Publisher: OUP Oxford
Release Date : 2007-03-15

International Mass Claims Processes written by Howard M. Holtzmann and has been published by OUP Oxford this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007-03-15 with Law categories.

Established in order to consider legal claims resulting from the significant historic events, Mass Claims Processes have become increasingly important phenomena in international dispute resolution. Processes covered in this book include the Iran-US Claims Tribunal, the UN Compensation Commission (relating to Iraq's invasion of Kuwait) and Mass Claims Processes relating to the Holocaust, the conflicts in Bosnia and Kosovo, and the war between Eritrea and Ethiopia. The book is structured around forty-seven basic topics that typically arise when creating an international Mass Claims Process, offering commentary on the ways in which the various Processes have dealt with each topic.