Disasters represent a moment of truth for P&C insurers to make good on their promise to policyholders while fostering good will. Successful fulfillment of this obligation is contingent upon the performance of claims organizations, which must in turn rely on impeccable disaster response protocols, as well as the proficiency and self-possession of individuals comprising catastrophe adjusting teams.
A mastery of logistics, appropriate vendor partnerships, and staffing—hiring and nurturing the right talent—is only half the battle. To emerge from a large-scale loss such as Sandy with both reputation and policyholder loyalty intact, insurers must commit to modern, flexible claims technology.
Arrested Development
However, agile technologies obviously require an earnest managerial commitment as well as a monetary one, and if the findings of a late-year Accenture survey of 50 P&C insurance companies serve as any indication, this is a difficult proposition. When asked whether their companies lack the flexibility to address consumers' evolving needs, by and large, claims execs said "yes." In fact, 85 percent of survey respondents admitted to this organizational deficit.
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