Claims Industry Concerns

Managing claims is a key element of our business, so a Towers Perrin survey of 62 claim officers from property/casualty insurers of various sizes gives some insight into the challenges facing this industry. For example, attracting and retaining top talent is cited as the top priority for 82 percent of companies surveyed. Next up, the effective use of data and analytics as a main driver to meeting business objectives was cited by 52 percent of claim officers, closely followed by an interest in better ways to use technology in general (cited by 50 percent). The survey also focused on emerging trends and issues bringing change to the claims industry, with some surprising results. Nearly two-thirds (65 percent) of respondents chose sophisticated analytics, trumping the perennial issue of escalating claims severity (identified by 50 percent of respondents). Increasing technology needs and reliance on software was the third ranked emerging issue. Both commercial and personal lines companies participated in the survey.  

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