The Novarica report, âNovarica Market Navigatorâ¢ US Property / Casualty Claims Solutions 2011,â profiles 30 vendors with claim systems available, and emphasizes the importance of modern technology and effective claim management.
âTraditionally, claims handling has been a very labor-intensive process for carriers with lots of paper, handoffs, and relationships to manage.â says Karlyn Carnahan, principal at Novarica. âToday, carriers have a broad choice of claims solutions available that support automated processing and management of claims functions.â
The report also reveals reasons for the urgency behind carriersâ claims projects. Seventy percent of company revenues are spent on claims, with twenty percent of that on the management of the claims process alone. A modern claim system can be the difference between losses and profitability.
âThe quality of a carrierâs claims service heavily impacts the customersâ view of the carrier because other than the bill, claims are typically the only contact a customer has with a carrier â and a bad claim experience is one of the top reasons for non-renewal,â said Carnahan in the report. âIn todayâs competitive environment, where retention is a critical imperative for carriers, claims handling is a major source of competitive advantage for property/casualty companies.â
Software vendor profiles in the report each include an objective overview of key functionality, organization, technology stack, client base, and implementation timeframes and costs. In addition to these common profile features, BlueWaveâs profile specifically notes PipelineClaimsâ modern technology base and some of the solutionâs key differentiators, such as âease of use, configurability, J2EE/SOA-enabled architecture and low total cost of ownership.â
"We are excited to be featured in Novaricaâs report, and to showcase our solution for the small to mid-size carriers," said Alyssa Hostelley, president of BlueWave Technology. "This report further validates what we've been seeing in the marketplace, carriersâ urgency to move to modern claim systems that can help them control costs while providing superb customer service.â