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Positioning for the Future


Authors:

Karen Furtado, Partner

Publication Date: June 11, 2012

Number of Pages: 32

Price: $1,495.00 USD

The transformation of claims operations is well underway in some insurance organizations and just getting started in others. As insurers work to position their organizations for the future, they are broadening their focus beyond efficiency to embrace solution approaches and technologies that optimize the customer experience and provide better insight for making decisions. This study identifies the accomplishments insurers have made and explores how new investments are being directed. Taking a comprehensive look at why and where insurers are applying current IT investments as well as plans for spending over the next three years, the report provides an insightful profile of the state of claims automation and looks at factors that are influencing spending decisions – detailing synergies and differences by line and tier (company size).

The research data for this report is based on information gathered from 337 insurer survey responses, interviews with market leaders, secondary research, and direct SMA experience in working with our clients. The data aligns to the industry's business mix and company sizes with a very strong participation by both business leaders/managers and business operational professionals .  The report is part of a series of SMA research reports focused on specific capability areas in the North American insurance industry.  The series covers vertical capabilities such as distribution, underwriting, policy administration, and claims, as well as horizontal areas including customer communications and content management and data and analytics.    

For insurers, the data points and insights presented are useful for tracking IT spending against industry trends, examining priorities, and monitoring the pulse of attention and automation in the claims area. For IT solution providers, the data and accompanying observations on insurers' spending patterns and buying behaviors yield useful information for setting product development roadmaps and refining marketing strategies and priorities. For industry watchers, including analysts, venture capitalists, and executives evaluating partnerships and acquisitions, the data and analysis provide rich information for assessment and use in determining evaluation criteria for investments. An example of the research data is shown in the figure below.

Table of Contents

  • Executive Summary 3
  • Key business Drivers and Barriers 5
  • IT Investment Plans for Claims Automation 9
  • Required Business and Technical Capabilities 17
  • State of Claims Management Systems: Current and Future 20
  • SMA Call to Action 25
  • Research Background and Survey Demographics 27
  • About Strategy Meets Action 31