As a recent Global Claims Review by Allianz Global Corporate
and Specialty (AGCS) highlighted, in 2013, the 20 largest
losses reported across the insurance industry totalled around
$8.1bn (€5.94bn), excluding those caused by natural
Many of the usual claims suspects are to blame, across the Specialty
insurance classes including ship groundings, fire, major
aviation losses and, increasingly prevalent in today's litigious
times, professional indemnity and product defects. New emerging
risks such as cyber and geopolitical threats are adding new
layers of complexity to the claims mix.
It seems that claims teams are adjusting more expensive claims than ever and playing a valuable role in our economy and more
widely across society. How can integrated Enterprise Claims
Management platforms help insurance companies better manage
business processes and connect with applications and existing
systems throughout the enterprise?
According to AGCS: "Technology, economic growth, climate change,
societal change and the fast developing legal and regulatory
framework are all affecting risk and making insurance claims
more challenging, particularly with the increasing number
of intangible risks such as loss to reputation and supply
The answer to the modern claims challenge is that we must not be afraid to innovate and invest in the latest enterprise claims
management systems to ensure that adjusters are able to ride
the wave of complex risk that threatens to engulf modern
businesses and their risk carriers.
One of the challenges is the ever burdensome array of international and national regulations bred by the financial crisis.
Many insurance companies are also encumbered by legacy systems that are unable to provide data analytics that can administer
superior underwriting and claims systems. Insurers must develop
a stronger digital presence, investing in technologies that
address the enhanced service expectations of consumers and
companies, and develop a comprehensive enterprise data solution.
In today's complex business world, it has become increasingly important that insurance adjusters utilize claims management
software that is fit for purpose in 2015, not 2005. Properly
executed, Claims Management technology helps organisations
become more efficient and organized and allows them to offer
a higher level of service with less overhead.