Wireless Technology for P/C Carriers: Ready for Prime Time?

May 14, 2004

Abstract

New York, NY, USA May 14, 2004

? Reports Published by Celent

Although only a few P/C insurers are embracing wireless today, Celent predicts that their impressive business results will lead more than half of leading P/C insurers to do so within 3 years.

In a new report, ?, Celent examines the current and potential uses and impacts of wireless technologies on property/casualty carriers’ bottom lines.

"The number of carriers leveraging wireless to streamline the claims process and improve customer service—especially for auto insurers—is still surprisingly low," said Chad Hersh, a senior analyst in Celent’s insurance practice and author of the report. "But the cost savings and customer service improvements experienced by carriers so far are just too great to ignore for long. We expect adoption to increase ten-fold in the next few years."

The report provides a summary of the wireless protocols and devices that are available now, as well as those that are looming on the horizon.

The focus of the report, however, is on the practical use of wireless technologies to improve a carrier’s bottom line, rather than on purely the allure of the technologies. The report includes case studies of wireless implementations by two carriers, Indiana Farm Bureau Insurance and Ohio Casualty Group. Both implementations were focused on claims, which is where Celent sees the greatest potential for adoption.

The 27-page report contains 2 figures and 1 table.

A is available online.

of Celent Communications' Property/Casualty Insurance research service can download the report electronically by clicking on the icon to the left.  Non-members should contact info@celent.com for more information.

        

Send mail to info@celent.com with questions or comments about this Web site.

Celent is a research and advisory firm dedicated to helping financial institutions formulate comprehensive business and technology strategies. Celent publishes reports identifying trends and best practices in financial services technology and conducts consulting engagements for financial institutions looking to use technology to enhance existing business processes or launch new business strategies. With a team of internationally based analysts, Celent is uniquely positioned to offer strategic advice and market insights on a global basis. Celent is a member of the Oliver Wyman Group, which is a wholly-owned operating unit of Marsh & McLennan Companies [NYSE: MMC].

Media Contacts

North America
Michele Pace
mpace@celent.com
Tel: +1 212 345 1366

Europe (London)
Chris Williams
cwilliams@celent.com
Tel: +44 (0)782 448 3336

Asia (Tokyo)
Yumi Nagaoka
ynagaoka@celent.com
Tel.: +81 3 3500 3023

Table of Contents

 

New York, NY, USA May 14, 2004

Wireless Technology for P/C Carriers

Return to report Abstract

 

EXECUTIVE SUMMARY 3
INTRODUCTION 5
TECHNOLOGY OVERVIEW 6
CORPORATE OFFICE USE 9
FIELD USE 10
CASE STUDY: INDIANA FARM BUREAU INSURANCE 16
CASE STUDY: OHIO CASUALTY GROUP 18
BARRIERS TO ADOPTION 20
PROJECTED ADOPTION RATES 22
CONCLUSIONS 24
OBJECTIVITY & METHODOLOGY 26

Sign in to download reports and access personalized information