November 11, 2010 – As a response to the economic challenges of the past two years, insurance companies are wrestling with rising claims, both legitimate and fraudulent, more competition for new customers, and new restrictions on investment activities that have reduced operational budgets, notes Mitratech, a provider of collaborative accountability applications including matter management and e-billing management automation.
Accordingly, insurance companies are seeking SaaS claims solutions and advanced business intelligence to streamline internal operations and introduce new levels of insight, efficiency and cost savings.
"The past two years have brought about a radically different business environment for insurance companies, one in which cutting costs is an imperative—but not at the expense of value," said Mitratech CEO Afshin Behnia.
"Improving operational performance while reducing IT spending—a major cost center given the industry's reliance on volumes of data to establish and maintain a competitive advantage—is critical."
Mitratech reports that its deployments at insurance providers have increased 35 percent percent in the past year.
This originally appeared on Insurance Networking News.
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