The ICA annual education conference encourages the sharing of ideas relating to Disability and Life claims administration and processing
Portland, ME, September 20th – This year, the ICA will host its 105th annual education conference in the New Orleans Marriot, LA, September 21st-24th. ClaimVantage will be exhibiting Absence, Disability and Life claims processing software at the event.
The ICA focuses on improving life and disability claims administration by:
- Providing a forum for research, education and the exchange of ideas
- Promoting efficiency, effectiveness and high standards of performance
- Devising and effecting measures for the benefit of policyholders and beneficiaries
According to Deloitte’s 2014 Life and Annuity Industry Outlook, core system transformations and technology investments are top priorities for insurers this year. Legacy systems are hindering growth in the market, as the systems aren’t flexible enough to integrate with emerging technologies.
“While carriers should continue to seek bottom-line improvements by squeezing out unnecessary costs, they should also be looking to make more sustainable efficiency and productivity plays,” says Neal Baumann, global insurance sector leader at Deloitte Consulting LLP. “In order to achieve more impactful changes, they will likely need to rethink core operating models and how to more effectively leverage key capabilities across the enterprise.”
The drive for big data this year is encouraging insurers to improve their core claims system to be ready for the next wave of new technology; mobile capability and predictive analytics.
Predictive analytics allow insurers to manipulate the data they currently have stored in their database to improve business processes. Behavior based pricing, target marketing based on predicted interest, perceived value, and anticipated life events are to name just a few of the functions available to insurers through predictive analytics.
To learn more about current trends and challenges for life insurers be sure to attend “The Life Insurance Industry: Trend & Challenges” on Tuesday September 23 at 9am.
ClaimVantage provides Life, Health and Absence claim management software products to Insurance carriers, TPA’s, and employers, including two of the top 3 carriers in Canada, and two of the top ten carriers in the US. The company, with offices in Portland, Maine and Dublin, Ireland, provides efficient, accurate, and productive claims processing and absence management solutions to a wide-range of Insurance Companies, Third Party Administrators (TPAs), and employers. For more information about ClaimVantage, visit www.claimvantage.com.