A new report from Aite Group examines the state of property & casualty insurance claims and the solutions that are helping transform the industry. Aite Group interviews with 35 stakeholders in the p&c insurance and information technology industries describe emerging opportunities for cost reduction, claims service, customer satisfaction, and industry best practices relating to claims management.
All p&c insurers have the common goal of providing fast, fair, accurate, and customer-focused claims service. It is, however, a complex process, simultaneously involving a number of internal and external parties that can impact the claims process and its progress on multiple fronts.
Over 37 percent of respondents named cost/expense reduction as one of their top three business drivers for purchasing a new claims system. Thirty-four percent cited customer satisfaction; 16 percent answered aging technology; and 12 percent reported regulation.
Since 2000, new, powerful, and cost-effective claims management systems have come to market, and the number of offerings and the adoption trend show no sign of abating. These new systems have demonstrated a number of tangible business benefits, including lower claims costs and expenses, higher efficiency, improved regulatory compliance, and higher customer satisfaction.
“Claims transformation is no longer exclusive to a few selected innovators or companies that can afford the necessary investment; it has quite simply become a table stake required just to remain in the game,” says Stephen Applebaum, senior analyst with Aite Group and author of this report. “The most successful property & casualty carriers will be those that can best leverage new claims technologies and implement continuous claims process innovations. Their overarching mission will be the alignment of the best possible resources with the right claim at the right time—thus realizing true claims transformation.”
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