For the Property-Casualty Industry
White Papers
Ward Group periodically publishes research papers on industry hot topics. Click here to submit your request to have current and upcoming Ward Group white papers delivered directly to you via email.
FEB 2010
2010 IT Investment Growth Expectations - Part 1
Information Technology spending is always under scrutiny, especially in tough times like these. Ward Group recently conducted a study of property-casualty insurers relating to 2010 Information Technology (IT) investments and system replacement activities. The purpose of this survey was to provide guidance on the status of IT spending trends for 2010 and the degree of new system implementation at property-casualty insurance companies. In addition, Ward Group identified key spending trends for major IT functions and specific initiatives that are being funded in 2010.
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OCT 2009
Is Your Company Leaving Money on the Table? Subrogation and Your Bottom Line
Every insurance company executive is tasked with maintaining profitability, especially in tough market conditions. During the recent soft market, companies have taken various actions to remain profitable, ranging from reducing headcount and expenses to new state and product expansion to gain top-line growth. A key area that should receive high visibility is the effects of salvage and subrogation recoveries on the bottom line.
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APR 2009
The Effects of Self-service Capabilities on Information Technology
Insurers have many initiatives aimed at being a company with which it is easy to do business. Most ease-of-doing business initiatives are usually driven by the customer, but prioritized by business executives. As these high priority items are implemented by IT, most companies typically don't plan for unexpected, hidden and ongoing costs associated with projects. Specifically, new web-based systems have led to customer service and Help Desk agents responding to calls from external customers that are more difficult and more technical to resolve. If customer service will remain a competitive advantage, insurers need to understand and control the IT costs that arise as new customer service initiatives are implemented. In particular, companies need to be aware of the often unforeseen challenge and costs of blending traditional customer service roles and the IT Help Desk roles.
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MAR 2009
Putting a Premium on Premium Audit
Admittedly, the premium audit function at insurance companies is not often considered the most exciting part of the company. At times, underwriters, agents and customers may even consider the premium audit process to be a nuisance rather than a strategic part of the operation. As companies try to effectively manage the premium audit operation, they are looking for comparative information to assist in evaluating the effectiveness of their departments.
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FEB 2009
Analyzing the Finance Function
Ward Group recently conducted a study to analyze insurance company Finance operations, including functions impacted by the Finance function. These additional functions included: Portfolio Management, Auditing and Billing & Collections. The study analyzed expenses, staffing and operational practices of each company and divided companies into three benchmarks: companies with gross premiums written (GPW) greater than $500M, GPW less than $500M and an overall benchmark. The split by GPW demonstrates the effects of economies of scale on expenses and staffing.
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