While the medical professional liability (MPL) industry has enjoyed what is arguably its greatest financial success ever during the last several years, one cost element has increased at a noticeably higher rate than the others: the average defense cost per claim.
Gleaning insights into defense costs data can lead to a better understanding—and better management—of such costs.
The proliferation of web-based business transactions, paired with advances in data mining and data warehousing techniques, makes it possible to extract more detailed and valuable insights from existing defense cost data than ever before.
Armed with this information, companies will be able to better manage the entire claims process, including the cost of defense.
Reprinted from the First Quarter 2012 issue of Physician Insurer Magazine, Physician Insurers Association of America. Copyright, 2012.