When it comes to claims management systems, US property and casualty insurers are at a turning point. Many insurers realize the need for modern and flexible systems—yet just as many (if not more) are saddled with outdated legacy systems that hinder business performance.
Recently, Accenture conducted a survey of 50 US P&C insurers. The group included C-level executives involved in the claims function, working at insurance companies of varying sizes. Perhaps the most salient finding is that on average, US P&C insurers plan to spend an average of $17.5 million over the next three years to modernize their platforms.
Over the next weeks, we’ll be sharing some more detailed findings from the survey.
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