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The Slow Fix

All the automation in the world cant change the fact the insurance industry still is a people business. But the carriers that are improving their ...

By Robert Regis Hyle | Updated on August 31, 2003

All the automation in the world cant change the fact the insurance industry still is a people business. But the carriers that are improving their bottom lines today are doing so by reducing some of those people costs to make jobs more efficient. Insurance companies are saying, If our largest single cost area is people, what can we do to make these people more efficient so we can get more revenue per dollar from every worker weve got, says Andrew Bartels, an analyst for Forrester Research.

The days of the quick fix in insurance are over, according to Bartels, author of a Forrester Planning Assumption entitled Improving Business and IT Efficiency Tops Priority List for North American In-surance Company CIOs. He explains, One of the key business conditions we are finding is its a little tough to grow revenues, he says. Theres a concern about underwriting risk, so the decision of a lot of carriers is not to take on new business. Obviously that hurts revenues.

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