Advanced Mobile Capabilities & Telematics Among the Priorities for Personal Lines Carriers

BOSTON - May 7, 2015 - PRLog -- In a market with very competitive conditions and intense profitability pressures, personal lines carriers are focusing on growth strategies, expense reduction, and improving underwriting results, according to a new report from Novarica, a research and advisory firm focused on insurance technology strategy.

Novarica’s Business & Technology Trends: Personal Lines report is based on the expertise of Novarica’s staff, conversations with members of the Novarica Insurance Technology Research Council, and a review of secondary published sources. Some of the top technology concerns by system area, include:

• Agent Portal: New business submission

• Customer Portal: Mobile applications allowing policyholders to interact through additional channels

• Rating/Underwriting/Core PAS- Workflows with automatic task generation and integration of third-party data sources to improve accuracy and speed

• Business Intelligence: The ability to gather, store, and retrieve the appropriate data elements needed to gain insights. This is also impacted by changing regulations that require more compliance reporting.

• Claims: Inserting analytics into the claims process

• Reinsurance Management: Managing capacity in an automated fashion to support straight-through processing of new business and renewal bypass

• Distribution Management: Flexible payment mechanisms, from EFT and ACH to sweep accounts

• Billing: Flexibility in creating custom bill plans and timelines

• Document Creation: Document creation workflow tools including management of existing assets, collaborative authoring, and approval cycles

• Document Management: Ease of administration, including the ability to manage users, roles and access privileges, workflow routing, and other elements

While agent and customer portals are well established in personal lines, as are mobile apps and mobile websites, more advanced mobile capabilities and telematics are now priorities. Across the industry, insurers continue to make investments in technology to help with growth strategies, expense reduction, and improving underwriting results.

Novarica’s Business & Technology Trends: Personal Lines report provides 47 examples of recent technology initiatives, an overview of business and technology issues, as well as data about the Personal Lines marketplace.  For more information, download a free preview at: http://novarica.com/business-and-technology-trends-person...

About Novarica

Novarica provides technology strategy research, advisory services, and consulting to more than 80 property/casualty and life/annuity insurers. Its knowledgebase covers trends, benchmarks, best practices, case studies, and vendor solutions. Leveraging the expertise of its senior team and of nearly 400 CIO Research Council members, Novarica provides clients with the ability to make faster, better, more informed decisions. Its consulting services focus on vendor selection, custom benchmarking, project checkpoints, and IT strategy. More information at www.novarica.com