Given the strategic importance of claims, it’s no surprise that they are given tremendous attention by carriers and benefiting from a great deal of innovation by vendors.
New York, NY (July 3, 2014) – In addition to specific economic and financial trends facing carriers, there are megatrends such as data, location-based services, gamification, social media, object recognition, the Internet of Things, and changing customer expectations that are transforming carriers across all aspects of how they do business and especially in claims. These trends impact the economy, society and business, and thereby define the future of insurance and its increasing pace of change.
While a tremendous amount of activity is occurring in the replacement and modification of core admin systems, there is also considerable activity outside of the claims admin system. Advancements are found in all aspects of the value chain: from location-based services being provided at first notice of loss, to photo recognition tools being used in estimatics; from 3D imaging to social and collaboration; and from predictive analytics to robust vendor management. Carriers are moving forward in a variety of areas and generating significant results.
“Significant innovation is occurring in claims today,” says Karlyn Carnahan, Research Director with Celent’s Insurance Group and author of the report. “Carriers and vendors are investing in innovative technologies to improve claims outcomes, assure a consistent customer experience, and to cost out of the process.”
This 30-page report, available from Celent, examines the trends in core systems as well as megatrends impacting insurance carriers. It provides over 50 examples of the newest emerging technologies being applied across FNOL, assignment, estimating, reserving, payments, recoveries, customer communications, catastrophe management, social media, data and analytics, and fraud. It also includes predictions for the future and guidance for how a carrier can begin to prioritize and prepare for continuing innovation in the claims space.
Celent is a research and advisory firm dedicated to helping financial institutions formulate comprehensive business and technology strategies. Celent publishes reports identifying trends and best practices in financial services technology and conducts consulting engagements for financial institutions looking to use technology to enhance existing business processes or launch new business strategies. With a team of internationally based analysts, Celent is uniquely positioned to offer strategic advice and market insights on a global basis. Celent is a member of the Oliver Wyman Group, which is part of Marsh & McLennan Companies (NYSE: MMC).