Few systems are as likely to have as big an impact on insurers' bottom lines as claims systems. According to a study published in July by Novarica, among P&C carriers almost 70 percent of revenues are spent on claims, and of that, about 20 percent go toward managing the claims process.
Well-implemented claims systems can pave the way to greater competitiveness and growth and streamline claims processes, meanwhile providing valuable underwriting data and information needed to meet regulatory requirements and spot fraud. Carriers, it seems, are well aware of this: Novarica says more than 30 percent of insurers surveyed recently put claims among the top three projects they're focusing on this year.
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