Last week, I explained that many US P&C insurers are making serious investments in their claims technology. For many, legacy systems modernization is priority one. In fact, Accenture research found that 78 percent of respondents are on an upgrade path for the core claims system.
As complicated as these large-scale transformations are to begin with, there’s another challenge ahead. Most insurers use more than one application to settle claims, and many use far more:
- Half of respondents use between two and four applications.
- Thirty-two percent of respondents use more than five applications.
- Six percent of respondents use more than 10 applications.
Join me next week as I describe how some insurers are trying to gain some agility—by turning to the cloud.
To learn more:
- Read the survey: North American Claims Investment Survey: A Foot in Today, a Leap into Tomorrow for P&C Claims Functions (pdf; opens in a new window)
- View the Accenture North American Insurance Claims Investment Survey infographic