Research and Markets Unveils Claims Data on U.S. P/C Carriers for 2005

Research and Markets announced the addition of Claims Automation in U.S. P/C Insurance to their offering.

With numerous challenges to stability looming on the horizon, U.S. P/C insurers are reportedly seeking ways to improve operational processes to secure their profitability gains while establishing a long-term competitive advantage. It is believed the costly claims management apparatus will be the leading strategic area of investment for U.S. P/C carriers for 2005, growing to $4.5 billion by 2007.

Scope of the report:

– IT spending forecasts for claims processing to 2004, broken down by
source and activity.

– Based on interviews with technology vendors and end-users, plus our in- house expertise.

Highlights:

– Claims will be the primary investment area for U.S. P/C insurers in 2005.

Key objectives include automating first notification of loss, the
initial customer/claimant touch point 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.

Topics covered in the report include:

– Drivers for claims automation

– Business benefits of claims process automation

– Technology implications

– Competitive dynamics

– Market opportunity

– Market Context

– Competitive Dynamics

– The Future Decoded

For more information visit http://www.researchandmarkets.com/reports/c15302