Software is making the insurance industry more efficient

Insurance news technology internet of things

Technology is becoming a powerful tool for insurance companies

IBISWorld, a global business intelligent organization, has released a new report concerning the effect that new technology is having on claims processing in the U.S. Claims are nothing new for the industry, but how insurers deal with the claims they receive has been evolving rapidly over the years. As new technology becomes available, insurance companies are finding better ways to manage claims and process these claims at a more rapid pace. Insurers are also become more adept at weeding out fraudulent claims that could lead to costly and unnecessary losses.

Claims processing is becoming a less laborious practice thanks to new technology

Claims processing had once been a labor-intensive matter, but new technology has eased the burden associated with the process. Software specifically designed to manage the claims process has become quite popular in the property/casualty and life insurance sectors, where handling claims is often a very time-sensitive issue. Software products allow insurers to quicken their claims management process, expediting payouts for policyholders and allowing insurers to mitigate the costs associated with the labor involved in managing claims in a more traditional fashion.

Claims software industry expected to reach $5.4 billion by the end of this year

augmented reality technology insurance industryAccording to IBISWorld, the claims processing software industry is expected to see its revenue increase by an average of 4% every year. By the end of 2014, the industry is expected to reach a valuation of $5.4 billion. The demand for comprehensive software solutions is beginning to rise at a rapid pace among insurance companies, especially those within the property/casualty space.

Property insurers are fighting to manage the impact of powerful storms that are occurring more frequently

Insurers are beginning to face significant challenge when it comes to the property/casualty market. Severe weather has become a serious and unpredictable problem that has lead to heavy losses throughout the insurance industry. Unpredictable and unusually powerful storms are becoming more common, which is placing pressure on insurance companies to process claims quicker than they had to do in the past. Without the appropriate software, insurers may be overwhelmed by the flood of insurance claims that come in the wake of natural disasters.

Related posts

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.