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Novarica Research Finds Property Casualty Carriers Investing In Claims Solutions, Profiles Claims Administration Software Providers

July 28, 2011 (New York, NY) - Claims administration systems are being replaced at an increasing pace in the insurance industry according to research from Novarica (www.novarica.com), a division of Novantas LLC that provides technology-related research and advisory services to financial institutions.. While many carriers have already upgraded and others are in the middle of a claim replacement project, the majority of carriers are in the planning phase for a core claims system replacement.

Novarica's new report, Novarica Market Navigator™: Property/Casualty Claims Solutions 2011 2011(Q3), is designed to help insurer CIOs navigate the marketplace of standalone claims software providers, profiling over 30 vendors including Accenture, AGO Insurance Software, Aon eSolutions, BlueWave Technology, Brightwork, CGI, CS STARS, CSC Advanced Claims, CSC Exceed Claims, CSC RISKMASTER, DAVID Corporation, DRC, Exigen, FINEOS, Finys, Guidewire, Innovation Group, ISCS, JW Software, LexisNexis, MajescoMastek, Maximum Processing, Oracle, Paradox Technology Solutions, PCIS, Ravello Solutions, SAP, StoneRiver Claims Workstation, StoneRiver PowerSuite, Systema, TCS, Tropics Software Technologies, and Wyde.

"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."

"Generally, modern claims systems provide integrated workflow management and task or process management as well. Most come with some level of document generation and document management," she adds. "User interfaces have dramatically improved with easily navigable screens and easy-to-find contextual help. Adjuster portals, wizards to open new claims, scripting, and recursive questioning all allow carriers to create very intuitive processes and deliver consistent service. With these kinds of features, it is no wonder that we are seeing a continuing interest in replacing core claims systems."

"Based on a recent survey of members of the Novarica Insurance Technology Research Council, over 30% of respondents say that claims is one of the top three projects they are focusing on for 2011. This highlights the degree to which carriers are investing in new claims functionality".

An outline of the report is available online at http://www.novarica.com/report_pcclaims_2011/. The report is free to Novarica insurance clients and available to others for $1,500.

About Novarica

Novarica provides information, insights, and perspective on markets, operations, and technology to bank and insurance executives and project teams, 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 software vendors serving insurance and banking. Novarica's Insurance Technology Research Council includes CIOs and senior IT executives from more than 275 US insurance carriers. Novarica is a division of Novantas LLC, the acknowledged leader in customer science and revenue strategy in the financial services industry.