Technology's Effect on Property-Casualty Insurance Operations

Synopsis:

The post Glass-Steagall era has presented insurers with new opportunities and risks during a time when information flows and business processes are being impacted by changing technology. In this paper, the author explores how insurers use and perceive current technology to carry out their operations by reporting results from a sample of insurers that includes some of the nation’s largest property & casualty insurers. Among insurers in the sample an online channel is having a significant impact on customer retention and revenue enhancement, but a lesser impact on cost reduction. Interestingly, about two-thirds of the research sample has experienced an increase in their overall number of transactions following the adoption on an online channel. Moreover, while the Internet is perceived as giving marketing benefits it is not being used as a substitute for agents. The author finds that 65% of respondents have used technology to integrate customer data across functional areas and another 23% plan to do so in the next three years. Nearly 71% of respondents have or plan to adopt service-oriented architecture in their technology infrastructure.
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Synopsis:The post Glass-Steagall era has presented insurers with new opportunities and risks during a time when information flows and business processes are being impacted by changing technology. In this paper, the author explores how insurers use and perceive current technology to carry out their operations by reporting results from a sample of insurers that includes some of the nation’s largest property & casualty insurers. Among insurers in the sample an online channel is having a significant impact on customer retention and revenue enhancement, but a lesser impact on cost reduction. Interestingly, about two-thirds of the research sample has experienced an increase in their overall number of transactions following the adoption on an online channel. Moreover, while the Internet is perceived as giving marketing benefits it is not being used as a substitute for agents. The author finds that 65% of respondents have used technology to integrate customer data across functional areas and another 23% plan to do so in the next three years. Nearly 71% of respondents have or plan to adopt service-oriented architecture in their technology infrastructure.Contact us for a full version of the paper and how we can help you succeed change your business for the better using these principles. click he