Michael Chochrek, is the insurance solutions principal consultant for Harte-Hanks Trillium Software.
Industry surveys of claims professionals have found that while improving the claims process is top of mind for many, their claims management systems (CMS) lack the capabilities to drive customer retention and bottom line results. For example, according to a recent study by Accenture, 78 percent of claims executives surveyed are upgrading their claims management systems and 66 percent think their claims management systems are not optimized to collect and analyze the growing volume of data to improve claims management.
And yet, most insurers don't have the money or the people-resources to "rip and replace" their CMS. The good news, however, is that insurance organizations have options to extend the life of their CMS by improving the quality and breadth of data flowing into it and by adding more comprehensive capabilities for data analysis.
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