With the insurance industry facing the slowest growth rate since the 1930s, property/casualty carriers are studying ways to improve operational effectiveness and drive growth, and claims is one of the key areas in which they are investing.
Over 30 percent of carriers surveyed by IT strategy and research firm Novarica (www.novarica.com) report that claims is one of the top three projects they're focusing on for 2010. And while Novarica estimates that 30 to 40 new claims systems were purchased by US insurers in the last 12 months, P&C insurers have more than 20 active solutions to choose from.
(The recent RAVE Awards are based on Novarica's Average Customer Experience rankings. To read more about it, click here.)
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