As the "money out" side of the business, claims has long struggled to gain the budget attention of the "money in" side.
"Claims has always been at the end of the line when it comes to spending because for years, the more compelling places to invest were producer portals, new business functionality in policy administration systems, or other sales-focused systems," says Donald Light, director of Celent's Americas Property/Casualty practice. "The challenge for claims has been to articulate the business value created by claims projects and to get closer to its fair share of IT investment resources."
Those drivers include better decision-making, reduced claims leakage through faster settlement, intelligent claims assignment, and other advantages gained through modern claims systems that impact the bottom line. They also include objectives that target top-line growth, such as improved customer service that leads to increased retention and new sales.
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