Insurers are investing in their businessses to improve accuracy and reduce future costs, equipping their professionals with the information they need to make better judgment calls.

They're also automating to better satisfy customers during the claims experience and fostering integration with service providers and specialized servicing systems for areas such as fraud and medical.

For many, the greatest barrier to improving claims processes is having existing IT platforms that fall short of meeting their business needs—systems that are isolated and insulated and depend on scarce IT resources for all changes.

The key considerations for insurers envisioning their next claims-administration systems include workflow, no- or low-touch processing for routine claims, document management and business intelligence. Investments are being directed to capabilities that make it easier to respond to new regulation, drive efficiency via a paperless office and position insurers for a better response to catastrophic events.

Keeping the pace in the claims space is a must for success in the coming years. The claims area can make significant contributions to transforming the overall insurance business.

Insurers need to examine their own operations in light of what is quickly becoming standard practice in the industry—capabilities that only a short time ago were considered cutting-edge. If you aren't already doing so, it's time to develop a thorough plan for transforming your own business' claims process.