A new report from Aite Group examines the state of property& casualty insurance claims and the solutions that are helpingtransform the industry. Aite Group interviews with 35 stakeholdersin the p&c insurance and information technology industriesdescribe emerging opportunities for cost reduction, claims service,customer satisfaction, and industry best practices relating toclaims management.

All p&c insurers have the common goal of providing fast,fair, accurate, and customer-focused claims service. It is,however, a complex process, simultaneously involving a number ofinternal and external parties that can impact the claims processand its progress on multiple fronts.

Over 37 percent of respondents named cost/expense reduction asone of their top three business drivers for purchasing a new claimssystem. Thirty-four percent cited customer satisfaction; 16 percentanswered aging technology; and 12 percent reported regulation.

Since 2000, new, powerful, and cost-effective claims managementsystems have come to market, and the number of offerings and theadoption trend show no sign of abating. These new systems havedemonstrated a number of tangible business benefits, includinglower claims costs and expenses, higher efficiency, improvedregulatory compliance, and higher customer satisfaction.

“Claims transformation is no longer exclusive to a few selectedinnovators or companies that can afford the necessary investment;it has quite simply become a table stake required just to remain inthe game,” says Stephen Applebaum, senior analyst with Aite Group and author ofthis report. “The most successful property & casualty carrierswill be those that can best leverage new claims technologies andimplement continuous claims process innovations. Their overarchingmission will be the alignment of the best possible resources withthe right claim at the right time—thus realizing true claimstransformation.”