Property & casualty insurers have long valued the ability to save a few bucks through the efficient handling of claims, yet despite what many viewed as a core competency, investment in new claims technology usually came after other technology improvements were made.
A new study by Accenture, though, shows that insurers are paying more attention to their claims systems. “Accenture U.S. Claims Technology Survey 2012” maintains carriers are beginning to deal with the replacement of their aging systems, according to Michael Costonis, a managing director in Accenture Property and Casualty Insurance Services.
“The average p&c company is operating with basic and inflexible technology,” says Costonis. “Despite all the press, not everyone is operating on a new claims system. Even if they have purchased new claims systems, the ones they've purchased are either not up to task—a lack of flexibility—or they haven't been upgraded.”
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