The Accenture North American Claims Investment survey has revealed that the majority of P&C insurers are planning to upgrade their core claims system to meet future consumer expectations.
Out with the old, in with the new
Most P&C insurers rely on multiple applications to process claims and are looking for flexible ways to manage new risks and challenges. Insurers with systems that are more than five years old have difficulty meeting client needs without IT intervention. Our research shows that core claims system modernization is the primary investment priority for most claims executives.
New technology opportunities
The surveys show that 78 percent of insurers are currently upgrading their core claims systems, while eight percent say upgrades are under discussion. Twenty percent of insurers plan to migrate to new systems, such as cloud computing and software as a service (SaaS), which are gaining credibility in the industry.
Next week, we’ll elaborate on how insurers plan to increase their analytical capabilities by taking advantage of available data.
To learn more, download the North American Claims Investment Survey (pdf; opens in a new window)
Visit this blog in upcoming weeks for interesting insights from the Accenture North American Claims Investment survey. Read other posts in the series: