Only 1 in 100 Insurers Say Claims-Finance Collaboration Is 'Highly Effective', New Research by Vitesse Finds

Vitesse’s New Research Highlights Claims Finance Challenges

Vitesse, a financial infrastructure leader in the global insurance sector, has released a research report titled The State of Claims Finance: Tackling Roadblocks in Payments, Liquidity and Financial Coordination. This report provides insight into the current state of claims finance and the challenges insurers face in effective collaboration.

Key Findings from the Report

One of the standout findings reveals that only 1 in 100 insurers consider their claims-finance collaboration to be “highly effective.” This statistic underscores significant issues within the industry regarding payment processes, liquidity management, and overall financial coordination.

The report indicates that many insurers struggle to streamline their operations in these areas, leading to inefficiencies that can impact both insurers and their clients. Factors contributing to these challenges range from outdated technology to poor communication among stakeholders.

Impact on the Insurance Ecosystem

These findings may pose concerns for policyholders and insurance companies alike, as delays in claims processing can erode trust and satisfaction. Improved collaboration and efficiency in claims finance are essential to enhancing customer experience and operational effectiveness.

Vitesse’s research aims to shed light on these issues and prompts a conversation around improving processes within the insurance landscape. As the industry continues to evolve, insights from this report could aid insurers in identifying solutions that bridge the gaps in claims finance collaboration.

Looking Ahead

As insurers navigate these challenges, adopting innovative technology and refining communication strategies could be keys to improving overall claims finance effectiveness. Vitesse's report serves as a reminder of the ongoing need for development and cooperation within the insurance ecosystem.

Original Source: https://ffnews.com/newsarticle/only-1-in-100-insurers-say-claims-finance-collaboration-is-highly-effective-new-research-by-vitesse-finds/