A study conducted by technology services provider Fiserv concludes that while new policy administration systems continue to dominate the “wish lists” of insurers looking to implement large-scale projects in the next year, claim system replacements remain a priority.
The four-page study, “The Business/Technology Link in Insurance: 2008 P&C Insurance Technology Survey,” was released in late October and consisted of 19 questions in four categories: business priorities, appetite for newer technology, IT department direction, and demographic information.
Each participating company was asked to identify its next three large-scale projects. Eighty-seven percent responded that policy administration systems were being queued for 2009, an increase of 16 percent from last year's survey, making it the clear focus of companies in the next year. Although claim projects came in a distant second in terms of priority at 44 percent, companies' interest in overhauling this area continued to increase for the third year in a row. The same could not be said for billing and agency interface systems, which both saw decreases.
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