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Survey: Administrative Efficiency is Top Business Need for Insurers

October 22, 2008

Columbia, S.C. — Eighty-seven percent of participants in a survey from Cedar Rapids, Iowa-based Fiserv Insurance Solutions responded that policy administration, the core system for maintaining insurance coverage information, was most likely to be one of the next three large-scale projects they tackle. Policy administration has led the large-scale projects response for three years, up from 75% in the 2007 survey. The second-place response following policy administration was claims projects at 44%. Claims projects also have increased steadily for three years.

Both policy administration and claims projects dovetailed with the business needs that participants identified: enhancing overall administrative efficiency (65%) and access for distribution channels (52%). Accurate pricing of risk and flexible billing options tied for the third top business need with 44% each.

Respondents noted that the top three most important technologies for their organization are service-oriented architecture (55%), business process management (50%) and data accessibility layer technology (32%). Java technology tied with .NET at 23%.

“The results show a focus on efficiency with strong interest in diverse systems working together easily and in component-based architecture,” says Todd Eyler, CTO of Fiserv Insurance. “Creating system interfaces eats up large blocks of time, and insurers are interested in technology that solves that challenge so they can work on significant issues such as customer service and business management.”

Source: Fiserv Insurance Solutions

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Data Management

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Policy Administration

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