Research and Markets: Claims Management Apparatus Will be Top Strategic Investment for U.S. P/C Carriers

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

With numerous challenges to stability reportedly looming on the horizon, U.S. P/C insurers are 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 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 decision making 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/c18660 .