Modern Policy and Claims Management Systems
Information technology research and advisory company Gartner, Inc. has identified 10 technologies that will have the greatest impact for the property and casualty (P&C) insurance industry.
These technologies will challenge existing business processes, support the emergence of new business models and allow companies to successfully differentiate themselves to drive revenue growth.
“There is a long list of technologies that P&C insurers can use to improve their processes — from product development through customer service. Many of these technologies, however, provide only incremental or minor improvements, have limited or no return on investment (ROI), or do not promise to help P&C insurers radically change their business models, reduce operational costs or generate revenue,” said Kimberly Harris-Ferrante, vice president and distinguished analyst at Gartner.
“With budgets challenged and with limited funding for discretionary spending, it is imperative that organizations prioritize their investments favoring those that will generate the greatest ROI and drive the most value.”
Over the next ten days, ILSTV will be looking at Gartner’s list of the 10 technologies that have the greatest impact on the P&C insurance industry.
The first: Modern Policy and Claims Management Systems. Modern policy and claims management systems have been developed that are componentized (sold independently, rather than in a suite), with enhanced workflow and business process management (BPM) capabilities, with rules that are separate from the source code for easy configuration, that support industry standards and that are built on newer technology platforms. The adoption of these systems by personal and commercial P&C insurers can provide significant value, including reducing the total cost of ownership when legacy systems are decommissioned, faster rules and workflow changes, easier integration with surrounding systems and improved long-term maintenance.
