Claims automation in US P&C insurance

Claims automation in US P&C insurance

Introduction
 
However, with numerous challenges to stability looming on the horizon, US P&C insurers are seeking ways to improve operational processes to secure their profitability gains while establishing a long-term competitive advantage. Datamonitor believes the costly claims management apparatus will be the leading strategic area of investment for US P&C carriers for 2005, growing to $4.5 billion by 2007.
 

 
Scope
 
IT spending forecasts for claims processing to 2004, broken down by source and activity.
 
Based on interviews with technology vendors and end-users, plus Datamonitor's in-house expertise.
 
Highlights
 
Claims will be the primary investment area for US P&C insurers in 2005. Key objectives include automating first notification of loss, the initial customer/claimant touchpoint reducing manual processes, and streamlining workflow throughout the process.
 

 
Internal development gradually giving way to packaged software applications. This is partly due to the proliferation of vendor claims systems coming to market in recent years, but remains driven by insurers who favor a piecemeal rather than complete overhaul approach.
 

 
Workflow and decisioning applications are top priorities of claims IT managers in 2005. BPM engines will be a key area of investment in 2005, with back-office/software vendors as well as a handful of niche vendors set to benefit.
 

 
Reasons to Purchase
 
Use Datamonitor's timely and concise analysis of key business and technology issues to develop a compelling go-to-market strategy.
 
Determine your medium-term objectives and using Datamonitor's robust, granular market forecasts.
 

TABLE OF CONTENTS
 
ABOUT DATAMONITOR 2
 
CHAPTER 1 EXECUTIVE SUMMARY 3
 
Introduction 3
 
Drivers for claims automation 3
 
Business benefits of claims process automation 4
 
Technology implications 5
 
Competitive dynamics 6
 
Market opportunity 7
 
Key report findings 7
 
CHAPTER 2 MARKET CONTEXT 11
 
The market outlook for US Property and Casualty insurance 11
 
The focus on claims 13
 
The business case for claims automation 14
 
Overview of the traditional claims process 16
 
Business benefits of claims automation 17
 
Inhibitors to claims management automation 20
 
Automating the claims process 22
 
Technology Implications 25
 
Implementation scenarios 29
 
CHAPTER 3 COMPETITIVE DYNAMICS 33
 
Introduction 33
 
Vendor assessments 35
 
Profiles of selected claims automation vendors 36
 
CHAPTER 4 THE FUTURE DECODED 39
 
Claims IT spending by activity 40
 
CHAPTER 5 APPENDIX 44
 
Report Scope 45
 
Future readings 46
 
SPP writing team 46
 
How to contact experts in your industry 47