P&C Claims Transformation: Drivers, Enablers, and Outlook
Report Summary
P&C Claims Transformation: Drivers, Enablers, and Outlook
Claims management systems have evolved and become must-have tools for P&C insurance carriers.
Boston, July 5, 2011 – A new report from Aite Group examines the state of property and casualty (P&C) insurance claims and the solutions that are helping transform the industry. Based on Q1 and Q2 2011 Aite Group interviews with 35 stakeholders in the P&C insurance and information technology industries, the report also describes emerging opportunities for further cost reduction, claims service excellence, improved 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. Since 2000, a deluge of new, powerful, and cost-effective claims management systems (CMS) 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 and 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.”
The report names the following technology providers to the claims management process: Accenture, Aon eSolutions, Audatex, Blue Wave Technology, CCC Information Services, CGI, CSC, FINEOS, Guidewire, Innovation Group, Mitchell International, Oracle, SAP,and StoneRiver.
This 23-page Impact Report contains four figures. Clients of Aite Group's Property & Casualty Insurance service can download the report.