Section 624.424(11) of the Florida Statutes outlines detailed reporting requirements for insurers offering personal or commercial residential property insurance policies in the state of Florida. VIP Software, a will soon provide reporting relief on Florida OIR 624.424(11) data.
The rising costs of insurtechs and third-party services, a lack of transparency with vendors, and insufficient industry data are making it difficult to determine best practices and pricing.
The difficulty of assessing claims leakage is that many of the systems for processing claims expenses are siloed.
