Dublin, Ireland - Claims management will be the largest IT investment made by US property & casualty carriers looking to improve operational processes this year, growing to $4.5 billion by 2007, according to a report issued by Research and Markets, a market research firm based in Dublin. The report indicates that carriers' objectives will be automating first notification of loss, the initial customer/claimant touch point reducing manual processes, and streamlining workflow throughout the process.
Internal development will gradually give way to packaged software applications, notes the report. 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. The report also indicated that workflow and decision-making applications are top priorities of claims IT managers this year, and BPM engines will also be a key area of investment.
Source: Yahoo Financial News
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