A study conducted by technology services provider Fiserv concludes that while new policy administration systems continue to dominate the “wish lists” of insurers looking to implement large-scale projects in the next year, claim system replacements remain a priority.
The four-page study, “The Business/Technology Link in Insurance: 2008 P&C Insurance Technology Survey,” was released in late October and consisted of 19 questions in four categories: business priorities, appetite for newer technology, IT department direction, and demographic information.
Each participating company was asked to identify its next three large-scale projects. Eighty-seven percent responded that policy administration systems were being queued for 2009, an increase of 16 percent from last year's survey, making it the clear focus of companies in the next year. Although claim projects came in a distant second in terms of priority at 44 percent, companies' interest in overhauling this area continued to increase for the third year in a row. The same could not be said for billing and agency interface systems, which both saw decreases.
Specific technologies were also addressed in the study. Fiserv said that the technologies of predominant importance in supporting participants' business drivers included straight-through processing, improved claim management, predictive analytics, workflow integration, and electronic bill presentment and payment.
These trends indicate a clear priority for carriers of all shapes and sizes. Despite tough economic times, Fiserv said that companies are considering technologies to improve service and support business needs. Policy administration and claim systems are the most likely large-scale projects on which companies will focus.
“The results show a focus on efficiency with strong interest in diverse systems working together easily and in component-based architecture,” said Todd Eyler, chief technology officer of Fiserv Insurance, in a release. “Creating system interfaces eats up large blocks of time, and insurers are interested in technology that solves that challenge so they can focus on significant issues, such as customer service and business management.”
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