Changing realities with respect to rising business costs, higher customer expectations and new exposures are challenging claims departments today, prompting insurance executives to look for new technology solutions to stay ahead of emerging trends.
Indeed, customers are demanding more speed and efficiency with respect to claims handling, according to Frank Lattal, chief claims officer at ACE, in comments during last month's ACORD LOMA Insurance Systems Forum in Las Vegas.
Meanwhile, new, younger workers–already hard enough to recruit to insurance in general, and to claims in particular–could be driven away by a work environment with bad or inefficient technology and large amounts of time spent on redundant manual activities, he warned.
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