Are you worried that your policy forms may be inconsistent or outdated? Are you frustrated when you try to find and update forms, or get new products out the door? If so, you may be suffering from wording leakage.
Outdated policy language
Wording leakage is a condition in which outdated and inconsistent policy language can lead insurers to potentially experience unexpected claims or lost premium. It’s a pervasive condition, and one that could significantly affect your company’s health.
If you’re like many insurers, you may be wondering:
- Is my company suffering from wording leakage?
- If so, how would we know?
- And, what, if anything, can we do to treat it?
Traditionally, insurers have relied on hiring more people to treat wording leakage and help keep their products up-to-date. But as costs have escalated and competition has grown, several insurers have sought new treatments, such as Verisk’s Mozart Forms ComposerTM, that leverage artificial intelligence, natural language processing, and cloud computing to manage their forms.
