(wire)
Carriers modernizing claims solutions
After a recent trend toward replacing policy administration systems, many carriers are now focusing on adopting modern claims solutions, according to Novarica.
The report, titled "Novarica Market Navigator US Property/Casualty Claims Solutions 2010," estimates that between 30 and 40 new sales of claims systems were completed within the last year.
According to Karlyn Carnahan, lead author of the study, "Claims administration systems are being replaced at an increasing pace in the insurance industry. While many carriers have already upgraded and others are in the middle of a claim replacement project, a majority of carriers are in the planning phase for a core claims system replacement."
The study cites a wide array of vendor offerings as one reason for the increased activity, and found that P&C insurers now have 20 active solutions options.
"The quality of a carrier's claims service heavily impacts the customers' view of the carrier because other than the bill, claims are typically the only contact a customer has with a carrier. And a bad claim experience is one of the top reasons for non-renewal. In today's competitive environment, where retention is a critical imperative for carriers, claims handling is a major source of competitive advantage for property/casualty companies," Carnahan said.
The report, titled "Novarica Market Navigator US Property/Casualty Claims Solutions 2010," estimates that between 30 and 40 new sales of claims systems were completed within the last year.
According to Karlyn Carnahan, lead author of the study, "Claims administration systems are being replaced at an increasing pace in the insurance industry. While many carriers have already upgraded and others are in the middle of a claim replacement project, a majority of carriers are in the planning phase for a core claims system replacement."
The study cites a wide array of vendor offerings as one reason for the increased activity, and found that P&C insurers now have 20 active solutions options.
"The quality of a carrier's claims service heavily impacts the customers' view of the carrier because other than the bill, claims are typically the only contact a customer has with a carrier. And a bad claim experience is one of the top reasons for non-renewal. In today's competitive environment, where retention is a critical imperative for carriers, claims handling is a major source of competitive advantage for property/casualty companies," Carnahan said.
