Insurance buyers have enjoyed a soft property-casualty market since 2007, and while there are some signs of the market hardening, most experts project that current conditions will likely continue for another two years.
The importance of expense control and organizational efficiency has become more critical than ever. In addition, rapidly changing technology can create challenges, particularly for the independent agent distribution channel. Many insurance carriers are re-evaluating their IT infrastructures and going beyond traditional ways of cost cutting to focus on transforming their business to create market differentiation.
Carriers have identified several key technology priorities, according to a recent IVANS survey. Forty three percent of property-casualty carriers surveyed are investing in new or upgraded policy administration systems to improve internal capabilities and operations. More carriers are also looking to invest in consumer portals to provide self-service functionality and online research options to end customers. The IVANS survey found that 47 percent of carriers already have a consumer portal or are currently implementing one, and 18 percent have plans to put one in place over the next 12 months.
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