North American P&C Claims Executives: Change and Innovation in a Risk-Averse Environment
Report Summary
North American P&C Claims Executives: Change and Innovation in a Risk-Averse Environment
Numerous complex challenges face today’s P&C claims organizations as they handle the single most important moment in the insurance customer relationship.
Boston, September 25, 2012 – A new report from Aite Group examines how claims executives in a risk-averse industry are coping with a rapidly changing claims environment and innovating to create better solutions. The report is based on a May to August 2012 Aite Group survey of 19 North American P&C insurance company claims executives.
It is commonly understood by claims leaders that the claim is the single most important time in the customer relationship—the moment when the insurer has the opportunity to deliver on its promise. Every new claim presents a set of competing management imperatives, and customer service, operational excellence, cost containment, and risk management all vie for prioritization and resources. The challenges facing today’s P&C claims executives are unprecedented in terms of their number and complexity. P&C insurance industry claims executives seeking to improve performance commonly identify key drivers of competitive advantage to be customer-centricity, multichannel availability, organizational quickness and adaptability, and optimized risk management.
“Insurance claims excellence is an elusive and relative performance goal,” says Stephen Applebaum, senior analyst with Aite Group and author of this report. “While it will likely never be completely achieved, fierce dedication to its pursuit is required to achieve as much of it as possible.”
This 34-page Impact Note contains 21 figures and four tables. Clients of Aite Group’s P&C Insurance service can download the report.