Claims Management System Buyer’s Guide

Modern property and casualty claims system capabilities have evolved from legacy technology that simply tracks financials, claim notes, and documents, to fully data-driven processing engines that can connect to an array of ecosystem partners.

Insurers now have faster access to new features and functions as solution providers migrate to cloud/Software-as-a-Service (SaaS) solutions.

Since the beginning of the COVID-19 pandemic in 2020, activity for new claims platforms purchased on a standalone basis or as part of a suite has steadily increased.

Insurers are seeking new ways to improve adjuster efficiency and manage increasing loss costs due to inflation. In modern systems, insurers can expect full integration with third-party solutions such as estimatics, bill review, predictive analytics, and payment platforms.

Deployment of digital processes from first notice of loss (FNOL) submission to claim payment are accelerated by new platforms. Fully integrated analytic-driven claims processes are being used for straight-through processing (STP) and are assisting adjusters with traditional adjudication. Analytics for assignment, severity identification, fraud, and subrogation potential are top claim system integration priorities.