Automated and Integrated Claims Processing (Technology Focus)
Datamonitor
January 31, 2007 14 Pages - SKU: DFMN1445588
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Introduction
A decline in non-life insurance premium growth is causing insurers to improve the heart of their operations - claims.
Scope
- Examines the current state of the various technology strategies for claims managers.
- Analyzes aggregated information from various interviews and discussions with major FSIs and vendors.
Highlights
The premium increases experienced from 2001 to 2004 have turned downward, raising pressure on insurers to improve cost ratios and reduce operational expenses. This has resulted in a greater sense of urgency for insurers to invest now in process improvements.
The structure of claims is increasingly seen as similar to that of a supply chain, with clearly delineated functions that can be targeted to expose varying degrees of efficiency.
Reasons to Purchase
- Learn of why claims managers are increasingly considering technology as a key part of business strategy.
- Understand the fundamental principles and objectives of claims processing technology.
Become educated on technology approaches to claims processing.
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- DATAMONITOR VIEW
- CATALYST
- SUMMARY
- METHODOLOGY
- ANALYSIS
- Claims managers increasingly consider technology a key part of business strategy
- Principles and objectives of claims processing technology
- Identifying opportunities: The claims ""supply chain""
- Technology approaches to claims processing
- Software packages offer robust functionality
- Claims components and services - claims within an enterprise architecture
- Intregation and automation support exception management
- Exception management detects insurance fraud
- Exception management reduces leakage
- Conclusion: As the heart of non-life insurance, claims' strategic importance is growing
- APPENDIX
- Definitions
- Insurance Terms
- Technology Terms
- Further reading
- Ask the analysts
- List of Figures
- Figure 1: How will you create efficiency via your IT spend?
- Figure 2: Automation and integration in the claims process
- Figure 3: Reengineering or components currently the dominant approaches
- Figure 4: Technology approaches for Claims
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