With the global economy spiraling downward amid some experts warning that a recovery won't begin any earlier than mid-to-late 2009, insurance providers worldwide continue to adjust their business processes accordingly to ensure that they not only are fiscally responsible, but also remain competitive in these turbulent times.

Making the burden even heavier for insurance carriers is the alarming rate in which fraudulent claims continue to escalate. The Insurance Information Institute projects fraud in the U.S. alone already accounts for 10 percent of the property and casualty insurance industry's incurred losses and loss adjustment expenses -- or about $30 billion annually.

While insurance providers have placed a huge emphasis on efforts to combat fraudulent activity, they also must remain committed to other equally important business functions, such as marketing optimization, claim-process efficiency, minimized underwriting costs, and new opportunities for revenue growth. Given the current state of the economy, insurance companies will need to continue improving their business practices across the enterprise, including enhancing their technology investments. That's not an easy task.