Reuse of Property & Casualty Insurance Catastrophe Management Tools: Getting Value Out of Disaster

Published by: TowerGroup

Published: Aug. 20, 2007 - 9 Pages

Table of Contents

Report Coverage

Background

Exhibit 1 Property & Casualty Insurance Companies' IT Spending on New Projects by Type (2007)

Technology Foundation That Paves the Road to Differentiation

New Horizons for Geo-Aggregated Data

Straight-Through Processing for Optimal Results

Exhibit 2 Straight-Through Processing for P&C Insurance Carriers' Enterprise Exposure Data Use (2007)

Exhibit 3 Straight-Through Processing for P&C Carriers' Enterprise Exposure Data Use at Point of Sale (2007)

Summary

Abstract

Optimizing IT spend is a major challenge for the insurance industry. Clearly, IT budgets do not exponentially increase every year, yet the demand by business clients for increased functionality does. Many carriers have invested in technology to manage catastrophe exposure. These technology efforts have generated repositories of information that can drive improvement in business processes and financial results in other areas. This TowerGroup ViewPoint explores the opportunity areas for property and casualty (P&C) insurance carriers to get additional business value from capital invested in catastrophe management technology.

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