Supply shortages and higher material prices are raising insurer repair and replacement costs and increasing the severity of losses on insurance claims. Expenses are also escalating across the enterprise: interchange fee increases, rising labor costs, and fuel price hikes are only adding to carriers’ financial pressures. To stay competitive, insurers need to lower loss ratios, increase revenue, reduce expenses, and achieve operational efficiencies that improve customer experience. By leveraging next generation technologies, payment optimization, and digital process transformation, insurers can significantly improve their loss ratios.