Although many insurers already serve customers and work with business partners on-line well, they realize there is room for improvement. The Fiserv study identifies key business needs of carriers and the projects and technologies they have begun or will undertake to address those needs.
Topping the list of needs is improving the core system for maintaining insurance coverage information. Seventy-five percent of respondents agreed that one of their next three large-scale projects would involve improving this system. Access to complete and immediate information gives carriers the tools to respond more effectively and efficiently to customer questions.
Sixty-seven percent of respondents listed as second the need to improve agency interface or comparative rating. Forty-two percent of respondents mentioned the need to initiate billing and claims projects to make things smoother for the customer as the third priority item.
According to the survey, respondents also noted that the top three most important technologies for their organization are:
1.a data access layer that allows easier availability of decision-making information (67%)
2.business process management to streamline processes for highest efficiency (46%)
3.Java technology (42%)
"The survey results show an increasing focus by P&C insurers on effectiveness as well as efficiency," said Todd Eyler, chief technology officer of Fiserv Insurance. "The most important technology focus is now on data accessibility so companies offer the best insurance products for their markets and make better decisions using business intelligence/analytics applications."