- Half (54 percent) of those surveyed say their core claims systems are more than five years old and almost one-third (32 percent) of respondents say they rely on more than five different applications to process claims.
- More than three-quarters (78 percent) of respondents say they are on a path to upgrade their claims systems; among these respondents, almost one-third (31 percent) say the last major upgrade was made more than three years ago.
- Two-thirds (66 percent) of claims executives surveyed think their claims systems are not optimized to collect and analyze the growing volume of data available - such as insights about consumers from social media and usage data collected by means of telemetry and Global Positioning System – which would enable them to refine and improve claims management.
- More than three-quarters (78 percent) of respondents say their claims organization is not equipped to manage new forms and level of risks such as cybercrime, terrorism, increased frequency of severity of natural catastrophes.
U.S. Property And Casualty Insurance Claims Executives See A Need To Modernize And Increase Flexibility Of Claims Systems, According To An Accenture Survey
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