Harnessing scale, expertise and innovation to meet the challenges of a rapidly changing claims environment.
In an increasingly complex and interconnected world, attributing liability is harder than in the past. Technological and social changes, such as the rise of the Internet of Things, are giving birth to an ever-evolving set of new risks.
As a result, insurers and corporations increasingly need claims partners that can harness a broad array of global capabilities to address complex claims across multiple loss types, industries and perils.
Cost management is also a key concern. Insurers are increasingly seeking to identify levers that can help them improve returns and reduce the cost of claims — and demand for technology-based solutions to help drive efficiencies continues to intensify.
As the largest publicly listed claims management company in the world, Crawford is well positioned to meet these demands. We have the scale and breadth of expertise to handle clients’ needs, and the financial strength to invest heavily in talent, acquisitions and technology in a way that no other claims manager can.
This is evidenced in the way Crawford is driving innovation in the claims settlement process. Our extensive drone fleet and network of 40,000 WeGoLook ‘Lookers’ allows us to reach claimants anytime, anywhere, faster and safer than ever before.
We combine this capability with advanced technology, harnessing AI, robotic process automation, machine learning and consultative data analytics to deliver real-time information to clients, reduce costs and shorten settlement times.
Last year, the U.S. was hit by multiple natural catastrophes, and we were able to settle claims in an average of 3.7 days versus an industry average of 30 days. Overall, our TruLook program reduced costs by on average 20% to 30%.
Crawford has restructured into three business units — Crawford Claims Solutions, Crawford TPA Solutions and Crawford Specialty Solutions — each with a global outlook to reflect the increasingly global profiles of our clients while delivering consistency of service around the world.
These businesses handle 1.5 million claims worth $14bn annually, generating revenues of more than $1.1bn — and we believe there is plenty of room for growth. New capital continues to be drawn to the insurance underwriting market, leading to the formation of new entities that require outsourced claims expertise with a trusted name.
Meanwhile, risk managers are capitalizing on their improving risk profiles by increasing their deductibles. To support this, they too will need TPA solutions to manage the claims that arise in their deductible layers.
Crawford’s mission is to restore and enhance lives, businesses and communities, and to be the leader and most trusted source for expert assistance anywhere in the world. In a fast-changing environment, we aim to do just that while accelerating growth and strengthening our position as market leader.
Crawford CFO Bruce Swain and COO Rohit Verma outlined Crawford’s financial position and how the company is positioned to rise to today’s challenges in a recent investor presentation in New York. To view this via recording click here.