Average P&C Insurer to Spend $17.5 Million on Claims Modernization

P&C casualty claims executives in the United States anticipate spending, on average, $17.5 million over the next three years to upgrade and modernize their claims functions, according to “North American Claims Investment Survey: A Foot in Today, a Leap into Tomorrow for P&C Claims Functions,” a survey of claims executives by Accenture. Insurers face a raft of challenges in the search for profitable growth, including evolving consumer expectations, the exponential growth of structured and unstructured data, and persistent demands from management and shareholders to deliver better claims outcomes. However, most U.S. P&C claims executives said their claims systems lack the modernity to address consumers’ evolving needs and the flexibility to allow them to change the systems’ behavior and business rules without help from the IT departments.