What are insurers most pressing challenges, and what strategies can they adopt to respond to them successfully? PwC addresses those question in its recent reports, “Top Issues: The Insurance Industry in 2013.” According to the report, leading carriers are focusing on new ways to improve data collection and analysis, as well as claims, billing and other operational areas. PwC sees these efforts are part of an industry-wide effort to more effectively engage with customers, exploit information and analytics, and manage risk. “All of these initiatives have a common goal of increasing efficiency and growing the business,” said Jamie Yoder, U.S. Insurance Advisory Practice co-leader, PwC. “These developments will touch every part of an insurer’s business - from risk management to product development to customer service.”
The consultancy’s report identifies several challenges in areas such as risk management, strategy and operations. The following pages touch on a selection of those challenges.
Anthony O'Donnell has covered technology in the insurance industry since 2000, when he joined the editorial staff of Insurance & Technology. As an editor and reporter for I&T and the InformationWeek Financial Services of TechWeb he has written on all areas of information ... View Full Bio