Crossed wires?
Brokers and insurers are still unsure of the claims technology available and are opting for a softly, softly approach. Iain MacDonald says this lack of investment is hindering the industry's progress and someone must take the lead.
Insurers reportedly spend only 1% of their capital on claims technology out of a total IT spend of 3-5%. It is surprising, given the amount of money spent on claims each year, that only a few view claims technology as a step towards cutting costs and improving service.Traditionally claims IT has focused on supporting the back-office processing of claims. This approach has focused on internal accounting, allowing insurers to record claims as they are opened, track payments through the claims
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