Leading insurance carriers have become adept at dealing with customers and business partners online, according to survey by a technology solutions provider.
Brookfield, Wis.-based Fiserv, Inc. said today that it found those results in its online survey on property and casualty insurance technology.
According to the survey, however, "Virtually all carriers recognize that not only is there room for improvement but that they must continuously improve their underlying technology to better serve their customers and enhance their competitive position."
The Fiserv results follow a study of auto insurers released last month by Customer Respect Group, Ipswich, Mass., finding that carrier replies to e-mails were generally quick, but not always helpful. Some 74 percent of e-mails were found to be answered within 24 hours (30 percent more than the comparable all-industry figure), but only 43 percent of replies fully answered the questions (35 percent below the all-industry figure).
The results from the latest Fiserv survey identified critical business needs, and the projects and technologies insurance carriers have underway to address them, the company said.
Seventy-five percent of respondents agreed that one of their next three large-scale projects would involve core systems for maintaining insurance coverage information, said Fiserv. Sixty-seven percent said that agency interface or comparative rating projects would be planned.
In addition, billing and claims projects designed to make things smoother for the customer were both mentioned by 42 percent of respondents, the company noted.
Respondents identified the top three most important technologies for their organizations as a data access layer (67 percent) that allows easier availability of decision-making information, business process management (46 percent) to streamline processes for highest efficiency, and Java technology (42 percent), said Fiserv.
"The survey results show an increasing focus by p and c insurers on effectiveness as well as efficiency," said Todd Eyler, chief technology officer of Fiserv Insurance.
Mr. Eyler said, "The most important technology focus is now on data accessibility so companies offer the best insurance products for their markets and make better decisions using business intelligence/analytics applications.
"P and c insurers want to improve effectiveness in key areas like their pricing and rating approaches, their customer segmentation and marketing approaches, and their underwriting and claims outcomes," he continued. "This level of focus on data and analytics is a new emphasis for most p and c insurers."
Survey responses also indicated that improved customer service, enhanced business management and ease of conducting business with a carrier were the most important business requirements for innovation, said Fiserv.
"P and c insurers continue to focus on simplifying their operations between their customers and agents, and their technology infrastructure," said Gary Sherne, president of P&C Systems Solutions for Fiserv Insurance. "This focus is driving the interest in Web-based rating and more efficient information sharing between insurance carriers and agents for prompt customer service."
More information and copies of survey results are available online at www.fiservinsurance.com under "What's New."
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