Boston, October 29, 2012 – A new report from Aite Group reveals P&C claims executives’ views on IT and related issues. Based on an Aite Group survey of 19 North American P&C insurance company claims executives conducted during May through August 2012, the report identifies claims executives’ perspectives and expectations; it also discusses major challenges encountered and overcome with IT business partners.
The P&C insurance industry aspires to transform its business model to a customer-centric one, but the IT funding required to reach this goal is simply not available. Claims executives, expected to do more with less, are increasingly asked to reduce operating costs, achieve claims excellence, deal with ever-growing fraudulent claims, satisfy the demands of sales staff and customers, and create a growing and increasingly complex group of communication channels.
“The disconnect between demand and available budget clearly illustrates the fiscal constraints and competing priorities that all claims executives must balance,” says Stephen Applebaum, senior analyst with Aite Group and author of this report. “This conundrum is driving claims executives to focus on what they perceive to be the best opportunities in terms of return on investment and alignment with corporate strategy.”
This 24-page Impact Note contains seven figures and one table. Clients of Aite Group’s P&C Insurance service can download the report by clicking on the icon to the right.