Two recent studies by insurance advisory firm Strategy Meets Action found insurance companies are investing more in enterprise content management and customer communications management solutions in order to improve customer services.
According to SMA founder and report author Deb Smallwood, insurers in North America spend approximately $7 billion each year on customer communications and enterprise content management, which she says shows an increased focus on controlling costs and growing business through IT investments.
SMA partner and co-author of the reports Mark Breading said 50 percent of survey respondents indicated that improving customer service, increasing understanding of customer and improving retention rates were cites as the top drivers of CCM and ECM investments.
"The shift in spending patterns is being driven by an explosion of new distribution channels, self-service options and mobile devices," Breading noted.
SMA's report reflects a trend of increase ECM adoption across several industries. According to a separate report by Frost & Sullivan, the ECM ecosystem is projected to reach $6 billion by 2016, up from $2.1 billion in 2009.