Claims cited as top carrier IT priority.(Survey reports on IT investments for insurance industry)

National Underwriter Property & Casualty-Risk & Benefits Management, April, 2005 by Trembly, Ara C.

CLAIMS MANAGEMENT SYSTEMS will be the leading area of information technology investment among U.S.-based property-casualty insurers in 2005, according to a recently released report from independent market analyst Datamonitor. Indeed, p-c carriers will invest $4 billion this year on revamping these systems, the New York-based Datamonitor predicted.

"Claims processing will account for the bulk of IT expenditure, while claims handling--driven by the uptake of the Internet as a factor in all phases of the claims cycle--will experience a growth rate of over 12 percent through 2007," the analyst group said. The report--"Claims Automation in U.S. P&C Insurance"--noted that with the hard market in U.S. p-c insurance rapidly "waning," insurers will look at ways to...

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