The New York based consulting firm Accenture released findings from a global study involving “104 North American and European property and casualty executives” according to National Underwriter. The study says, “property-casualty insurers are failing to use technology and alternative sourcing to improve their claims function, reduce their loss ratio and enhance customer satisfaction.”
It boggles the mind as to why so many insurers would not fully utilize technology to improve their overall operations. According to Accenture “the lack of technology integration and persistence of manual processing results in claim files that are incomplete and difficult for employees to share and access during processing, reducing settlement speeds, increasing error rates, undercutting service quality and driving up costs.”
Sounds like some P&C insurers need to get their act together so business can be conducted in a more efficient manner. One of the more surprising results of the survey is that “Less than one-fifth (17 percent) employ advanced fraud-detection systems, such as data-mining tools that calculate fraud probabilities.” Maybe that’s why so many people commit insurance fraud.
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