Customers expect simpler processes and carriers are looking for ways to make it happen
Fiserv, Inc. (NASDAQ:FISV), a leading provider of technology solutions, announced today the results of its online survey on property and casualty (P&C) insurance technology. Leading insurance carriers have become adept at dealing with customers and business partners online. However, virtually all carriers recognize that not only is there room for improvement but that they must continuously improve their underlying technology to better serve their customers and enhance their competitive position. The results from the Fiserv survey identify critical business needs and the projects and technologies insurance carriers have underway to address them.
Seventy-five percent of respondents agreed that one of their next three large-scale projects would involve their core system for maintaining insurance coverage information. Access to complete and immediate information allows the carrier to respond more effectively and efficiently. Sixty-seven percent said that agency interface or comparative rating would be on their list of projects planned. Comparative rating enables agents to compare premium costs for various insurance carriers to get the best deal for the consumer. Billing and claims projects to make things smoother for the customer tied at 42 percent.
Respondents noted that the top three most important technologies for their organization included a data access layer (67 percent) that allows easier availability of decision-making information, business process management (46 percent) to streamline processes for highest efficiency, and Java technology (42 percent).
“The survey results show an increasing focus by P&C insurers on effectiveness as well as efficiency,” said Todd Eyler, chief technology officer of Fiserv Insurance. “The most important technology focus is now on data accessibility so companies offer the best insurance products for their markets and make better decisions using business intelligence/analytics applications. P&C insurers want to improve effectiveness in key areas like their pricing and rating approaches, their customer segmentation and marketing approaches, and their underwriting and claims outcomes. This level of focus on data and analytics is a new emphasis for most P&C insurers.”
Survey responses indicated that improved customer service, enhanced business management and ease of conducting business with a carrier were the most important business requirements for innovation.
“P&C insurers continue to focus on simplifying their operations between their customers and agents and their technology infrastructure,” said Gary Sherne, president of P&C Systems Solutions for Fiserv Insurance. “This focus is driving the interest in web-based rating and more efficient information sharing between insurance carriers and agents for prompt customer service.” Sherne added, “Greater efficiency and effectiveness are Fiserv’s goals as well. As has been the case for more than 20 years, we continue to identify key areas of focus to expand and enhance our capabilities to provide even greater value to our clients, helping them to compete more effectively and improve their underlying technology.”
For more information or to request a copy of survey results, go to “What’s New” at www.fiservinsurance.com.
About Fiserv Insurance
Hundreds of Life, P&C, Health, and Reinsurance carriers, managing general agents, and administrators rely on Fiserv for innovative insurance technology, professional services, and outsourcing solutions. Fiserv solutions include insurance policy and claims administration, underwriting, rating, advanced billing and collections, point-of-sale technology and straight-through processing solutions. In addition, more than 3,000 clients use the company’s market-leading financial and compliance solutions. Fiserv can be found on the Internet at www.fiservinsurance.com.
About Fiserv
Fiserv, Inc. (NASDAQ: FISV), a Fortune 500 company, provides information management systems and services to the financial and insurance industries. Leading services include transaction processing, outsourcing, business process outsourcing (BPO), software and systems solutions. The company serves more than 18,000 clients worldwide and is the leading provider of core processing solutions for U.S. banks, credit unions and thrifts. Fiserv was ranked the largest provider of information technology services to the financial services industry worldwide in the 2004, 2005 and 2006 FinTech 100 surveys. Headquartered in Brookfield, Wis., Fiserv reported more than $4.5 billion in total revenue for 2006. For more information, please visit www.fiserv.com.