IASSC Exam ICYB Topic 1 Question 67 Discussion

Actual exam question for IASSC's ICYB exam

Question #: 67
Topic #: 1

[All ICYB Questions]

A Belt has determined that the insurance claim form needn't be reviewed by accounting thereby improving the number of claims a processer can handle. According to Cost of Poor Quality (COPQ) definitions RTY improvement would be considered _______________.

ADownsizing savings

BMedian savings

CSoft savings

DHard savings

Show Suggested Answer

Suggested Answer: A

by Chau at May 23, 2024, 04:50 AM

Limited Time Offer

25%

Off

Get Premium ICYB Questions as Interactive Web-Based Practice Test or PDF

Contribute your Thoughts:

Submit Cancel

Lisbeth

17 days ago

I'm going to have to disagree with my fellow candidates. This is clearly a case of A) Downsizing savings. By eliminating the accounting review, they're essentially downsizing that department. Boom, mic drop.

upvoted 0 times

...

Armando

21 days ago

I'm going to have to go with C) Soft savings. Anything that's not a direct reduction in labor or materials is usually considered a soft saving. Although, I guess you could argue it's a hard saving since it's reducing the workload. I'm just going to go with my gut on this one.

upvoted 0 times

Cecilia

3 days ago

I think C) Soft savings makes sense in this case.

upvoted 0 times

...

Gennie

26 days ago

As an accountant, I'd have to go with D) Hard savings. Anything that improves the efficiency of a process and reduces costs should be considered a hard saving, not just a fluffy 'soft' one.

upvoted 0 times

...

Blair

1 months ago

Hmm, I'm not so sure. Couldn't this also be considered D) Hard savings since it's reducing the overall cost of processing claims? I'll have to think this one through a bit more.

upvoted 0 times

Rodney

21 days ago

Let's look into it further to make sure we understand the concept correctly.

upvoted 0 times

...

Amber

21 days ago

Maybe it's a combination of both Hard savings and Soft savings.

upvoted 0 times

...

Tamera

23 days ago

I agree, it seems like it would fall under the category of Hard savings.

upvoted 0 times

...

Refugia

24 days ago

I see your point, but I still think D) Hard savings makes more sense.

upvoted 0 times

...

Audra

28 days ago

I think it could be D) Hard savings because it's reducing costs.

upvoted 0 times

...

Zena

28 days ago

But wouldn't it also be C) Soft savings since it's improving efficiency?

upvoted 0 times

...

Ronnie

29 days ago

I think it could be D) Hard savings because it's reducing costs.

upvoted 0 times

...

Valda

1 months ago

I think the answer is C) Soft savings. Streamlining the insurance claim review process sounds like a process improvement that would reduce costs without directly adding to the bottom line.

upvoted 0 times

...