Technology enabled claims
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Last month, I was invited to speak at the Insurance Times Claims Clinic in London. A key theme of the event was how to improve the claims process. It is our view at Celent, that looking at the industry as a whole, there is a very uneven use of modern claims technology. We've covered this topic in a greatreport that talks in detail about the different types of tool available to insurers for this key process. Being a business audience, I kept it focused around the benefits. We've estimated that careful use of technology can take out 4 or 5 points in the combined ratio. That's very compelling. In a roundtable discussion after the event, it was clear there is still concern about ambitious IT projects and their likely success rates. As technologists, this is something we need to manage aggressively and continuously. It's only through a collaborative partnership with the business, can we be successful. Future developments are unlikley to even out the use of technology in claims. Some insurers will have to play catch-up. Others will deepen their understanding and broaden their use of the functionality their claims systems provide. Both types of insurers will find their own variation on the theme of using fewer resources to restore claimants to their prior state quickly and fairly. Celent's research shows investment in technology this year will continue, with longer decisions cycles and more focus on the business case. Now is the time for careful, targeting investment in claims technology in the organization. For more about the event and my presentation, check out http://www.insurancetimes.co.uk/story.asp?sectioncode=13&storycode=376970