HONOLULU, HI and NEW YORK, NY--(Marketwire - Aug 2, 2011) - BlueWave Technology's flagship claim management system for property/casualty insurance companies, PipelineClaims, was recently profiled in a report about insurance claim systems published by Novarica, a New York-based research and advisory firm specializing in financial services.
The Novarica report, "Novarica Market Navigator™ US Property / Casualty Claims Solutions 2011," profiles 30 vendors with claim systems available, and emphasizes the importance of modern technology and effective claim management.
"Traditionally, claims handling has been a very labor-intensive process for carriers with lots of paper, handoffs, and relationships to manage," says Karlyn Carnahan, principal at Novarica. "Today, carriers have a broad choice of claims solutions available that support automated processing and management of claims functions."
The report also reveals reasons for the urgency behind carriers' claims projects. Seventy percent of company revenues are spent on claims, with twenty percent of that on the management of the claims process alone. A modern claim system can be the difference between losses and profitability.
"The quality of a carrier's claims service heavily impacts the customers' view of the carrier because other than the bill, claims are typically the only contact a customer has with a carrier -- and a bad claim experience is one of the top reasons for non-renewal," said Carnahan in the report. "In today's competitive environment, where retention is a critical imperative for carriers, claims handling is a major source of competitive advantage for property/casualty companies."
Software vendor profiles in the report each include an objective overview of key functionality, organization, technology stack, client base, and implementation timeframes and costs. In addition to these common profile features, BlueWave's profile specifically notes PipelineClaims' modern technology base and some of the solution's key differentiators, such as "ease of use, configurability, J2EE/SOA-enabled architecture and low total cost of ownership."
"We are excited to be featured in Novarica's report, and to showcase our solution for the small to mid-size carriers," said Alyssa Hostelley, president of BlueWave Technology. "This report further validates what we've been seeing in the marketplace, carriers' urgency to move to modern claim systems that can help them control costs while providing superb customer service."
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 Novarica
Novarica provides information, insights, and perspective on markets, operations, and technology to financial services and insurance executives and project teams. The company delivers its service through published research, retained advisory services, and project-based consulting. Novarica's research includes market and trend analyses, best practices research, case studies, and independent analyses of insurance software vendors including the Novarica Market Navigators™ and Novarica ACE (Average Customer Experience) Rankings. Novarica is a division of Novantas, LLC, the leading management consultancy and information services provider for the financial services industries. For more information about Novarica or this report, please call 212-419-2520, or visit the Novarica website at www.novarica.com.
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