An annual technology survey indicates that claim system implementation isn't as high on P&C insurers' to-do lists as it has been in the past.
StoneRiver, which provides technology and strategic solutions for the insurance industry, made the announcement as part of its fourth annual survey on technology trends. According to the company, participating insurers each identified their top three business needs and their next three large-scale projects. Seventy-four percent reported that one of their next projects would be for analytics or business intelligence. Policy administration or service (highest ranked last year at 87 percent) dropped to second place at 57 percent. Agency interface ranked third (44 percent). Claim projects (39 percent) dropped from second place last year to fourth place this year.
"The agency interface continues to be an important initiative for most carriers," said Paul Areida, president of StoneRiver - FSC. "As insurers consider expansion of services to include more real-time services to their agents and brokers, the interface into those systems has to be effective and easy to use."
According to results, 87 percent of the participants reported enhancing overall administrative efficiency as a business driver. Fifty-seven percent reported access for distribution channels as a business need. Optimizing IT operations came in at 48 percent.
The survey also reported that the most important technologies included service oriented architecture/service integration (65 percent) and business process management (61 percent). According to StoneRiver, more companies mentioned .NET (48 percent) than J2EE (31 percent) as an important technology.
"The data re-confirms the ongoing focus on executing better and improving overall outcomes for insurers' internal operations," said Todd Eyler, chief technology officer at StoneRiver. "Business intelligence and analytics initiatives will help take this to the next level at many insurers."
More information is available at www.stoneriver.com.
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