Claims administration is an essential part of the insurance promise, for coverage in the event of a loss. Indemnity, which is the financial side of this equation, is of extreme importance, so traditionally claims administration systems have focused on this aspect. More recently, claims administration has incorporated the relational aspect of the equation. The relationship starts with the customer but goes beyond, to include the entire ecosystem involved in the transaction.
Moreover, claims administration systems should evolve to take advantage of data, including the Internet of Things, and how it can help with prevention, risk management, and customer service. While these aspects are not yet features included out of the box in claims administration systems, at least one vendor is already working on using the power of data as an additional offering.
The final objective is for insurers to look at a claims administration system to solve the entire equation and fulfill the insurance promise with agility, accuracy, and timeliness. In order to better ensure this happens, Celent believes technology must serve as a strategic enabler in the management of this important function.
In the report, Claims System Vendors: Latin American P&C Insurance 2014, Celent provides an overview of the claims administration systems available in Latin America for property & casualty insurance carriers. The report profiles 12 core claims solutions providing an overview of the functionality, customer base, supported lines of business, technology, implementation, pricing and support. This report is targeted to insurers that are looking to improve the efficiency of their claims management processes through technology.
“Few carriers are doing nothing when it comes to claims,” says Luis Chipana, an analyst with Celent’s Insurance practice and coauthor of the report. “Old systems and agility are two concepts that don’t play well together.”
“Our research indicates that one-third of insurers will be replacing their claims administration system,” says Juan Mazzini, a senior analyst with Celent’s Insurance practice and coauthor of the report. “This replacement will be either as a separate component or as part of a larger transformation program.”
This 62-page report contains 24 tables.
