According to a recent survey conducted by professional services firm, Towers Perrin, nine out of 10 property/casualty claim officers say increased competition, consolidation, and convergence are among the leading challenges currently facing their industry.
One of the highlights of the survey was the growing importance of data analysis and technology as well as the recruitment and retention of notable talent. 62 claim officers from ranging sizes of commercial and personal lines carriers were surveyed in late 2007
Towers Perrin reported that nearly two-thirds (65 percent) of respondents chose sophisticated analytics as an emerging issue, trumping the matter of escalating claim severity, which was identified by 50 percent of respondents. Mounting technology needs and reliance on software ranked as the number three emerging issue.
While expense and cost management stands out as a primary issue for all carriers, secondary concerns tended to vary by size of the company.
“Claim leaders are looking for technical solutions to meet their increasingly complex business needs,” said Kathleen Cullen, claim management practice leader at Towers Perrin, in a release. “It is clear that investment in people and broader-based skill development is critical for sustaining and improving claim-handling fundamentals.”
Interested in more technology tools/software news and in-depth articles? Head over to Claims' technology tools/software channel for more information.
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