Claims technology will be in focus for property/casualty insurers in 2006, and policy administration systems will continue to be the centerpiece for life insurers, analysts from Gartner predict.
Writing for the P&C market, research vice president Kimberly Harris-Ferrante predicts investment in claims technology and process improvement projects will increase by more than 20 percent this year among property/casualty insurers. In her research report, Harris-Ferrante notes: "Although claims are the most critical service events in the P&C insurance sector, insurers have overlooked it for substantial IT investment during the past few years. This will change in 2006 as leading insurers aggressively invest in reducing losses, improving service quality, and streamlining claims processes."
Among the recommendations Harris-Ferrante makes for insurers is streamlining the end-to-end claims process to automate and reduce the administrative tasks performed by adjusters and claims professionals.
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