Authors : N. Kannan and N. Thangavel
Abstract: Insurance Industry is unique, in the sense that this is an industry where a buyer spends significant money to buy a service which he hopes he will never have to use. However, when that person is forced to use the service, it is an experience that usually leaves a lasting impression. The service that is being referred here is an Insurance Claim. Market downturn and increased competition is forcing major changes in the Insurance Industry and in the way Insurance Companies operate. Competition is permanently altering the expectations in the minds of Insurance Costumers on what they should expect of claims processing. To cope with this change in expectations, the industry, as a whole, is evolving with respect to what it offers to customers. This impacts and will continue to impact Architecture and Technology decisions as well as Business Processes. This study is structured into two modular sections. The introductory section discusses background perspectives related to today�s scenario in P and C Claim�s arena. The second section covers the ongoing and expected developments in P and C Claim1s solutions and Business Processes.
N. Kannan and N. Thangavel , 2007. Future of Property and Casualty Insurance. International Business Management, 1: 83-87.