BlueWave Technology’s flagship claim management system for property/casualty insurance companies, PipelineClaims, was recently included in Gartner’s 2011 Hype Cycle for P&C Insurance.
Gartner’s Hype Cycles are the graphical representations of the relative maturity of technologies, IT methodologies and management disciplines. Published in July by Kimberly Harris-Ferrante, vice president and research analyst for Gartner, the “2011 Hype Cycle for P&C Insurance” report provides insurers a basis for understanding emerging and existing technologies, prioritizing IT investments, and assessing the risks of those technologies.
One technology highlighted in the report is claims management, which is listed as a high benefit technology, with approximately two to five years estimated to mainstream adoption. The report points out the struggle with old and outdated claims administration systems that hinder customer satisfaction, claims processing speed and accuracy and cost containment.
Additionally the Hype Cycle advises, “P&C insurers must replace legacy claims administration systems with claims management solutions to better manage internal and external claims activities, to reduce claims and operating costs, and to improve customer satisfaction and retention. Insurers that fail to address their aging claims administration systems will find themselves unable to rapidly adapt to cyclical markets, reduce claims leakage, and provide superior customer service by paying claims quickly, accurately and cost-effectively. The use of claims management solutions will help insurers improve customer service, reduce the cost of claims handling, reduce the time required to process claims, and start managing them as opposed to administering them. P&C consumers and distributors want faster and more-efficient claims processing, as well as more personalizing when incorporating Web 2.0 principles on their websites (for example, blogs for providing feedback on a policyholder’s claims experience). The use of modern claims management solutions will enable insurers to achieve these goals, as well as reduce the costs associated with claims handling, and improve claims data availability for business analytics, fraud detection and dashboarding.”
“We are very pleased to be noted in this year’s P&C Insurance Hype Cycle report,” said Alyssa Hostelley, president of BlueWave Technology. “It is great to see Gartner share this kind of important insight on the significant impact modern claims administration systems can make on insurers’ bottom lines.”
About BlueWave Technology
BlueWave Technology, developer of PipelineClaims, a state-of-the-art, browser-based, technology solution that combines core claims administration capabilities with business process management (BPM) and configurable business rules, offers rich functionality to help property/casualty insurance companies, third-party administrators (TPAs), and self-insured organizations improve customer service, enhance profitability, drive down claim costs and increase customer retention rates through modern technology with the lowest total cost of ownership (TCO) available in the insurance industry today. For more information about BlueWave Technology or PipelineClaims, please call 866-927-9981 or visit the BlueWave Technology website at www.bluewavetechnology.com.
About the Hype Cycle
The Hype Cycle is copyrighted 2011 by Gartner, Inc. and/its affiliates and is reused with permission. Hype Cycles are graphical representations of the relative maturity of technologies, IT methodologies and management disciplines. They are intended solely as a research tool, and not as a specific guide to action. Gartner disclaims all warranties, express or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.