Since Conning Research & Consulting conducted its last study on claims management in the property/casualty industry back in 2001, insurers have shown a huge reliance on technology in the claims department, according to Clint Harris, vice president of Conning and author of the research group's recent look at the issue, titled “Property-Casualty Claims Management: Unlocking the Value.”

“The claims function is changing in a fundamental way,” says Harris. “It is becoming highly technical from the coordination of diverse and complex information systems to the expansion of expert analysis with real-time reporting.”

One area virtually all the executives interviewed for the study touched on was the fact there is so much technology that is specifically focused on what P&C insurers are doing, reports Harris. He also discovered companies are not implementing any specific technology but rather use analytics as a way to drive management of their claims and ultimately their decisions. “The most important finding wasn't what we were looking for when we set off on this project–which was to follow the staffing and skill sets of claims adjusters. But we found the newly applied analytics that measure activities against results really are starting to change the way insurers quantify the value of their claims investment and manage it for an optimum return on investment,” he says.