Celent�s new reports present unique analysis of more than 860 insurance software deals between 2001 and 2003.
Insurance software deals are typically announced, published in the trade press, posted on vendor Web sites, and quickly forgotten by industry observers. No single source consolidates records of insurance software technology deals, leaving analysts, marketers, and technology buyers to attempt to reconstruct trends from diverse sources, individual conversations, and hazy memories. Celent�s new reports, Insurance Software Deal Trends, 2001-2003, present analysis of real data about deal flow in insurance between 2001 and the first half of 2003.
The reports are based on an analysis of 860 insurance software deals�454 deals involving life/health insurers, and 406 deals involving property/casualty insurers. Data about the deals were collected from public sources and from inquiries to several hundred software vendors.
“Although it is not comprehensive, we believe this is the most extensive data set that has ever been aggregated about insurers� software buying patterns,” said Matthew Josefowicz, manager of Celent�s insurance group and co-author of the reports.
“The data in these reports provide quantitative metrics to support observed trends in the use of vendor-provided software in the industry,” adds co-author Craig Weber, a senior analyst in Celent�s insurance group and co-author, with Josefowicz, of the reports.
Among the reports� key findings:
The market in most categories is highly fragmented. There are no dominant vendors in most deal categories for new deals.
Medium-sized and small insurers were active buyers of software solutions. Small property/casualty insurers (those with premiums under US$100 million) accounted for a third of purchases in the sample.
Small and medium-sized life/health insurers invested actively in policy administration systems, agent extranets, and other forward-looking projects.
Claims and claims litigation management were the most active segments for large property/casualty insurers.
Only large life insurers were active in EIM/compensation management and online self-service
The reports break down deals into four meta-categories: core processing, distribution, infrastructure, and document/content management. Within each meta-category, deals are analyzed by specific business functions, carrier size, and the date the deal closed. Where possible, leading vendors within each category in the sample are also identified.
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Celent’s service offering falls into two categories, consulting and research, each of which is dedicated to technology in the financial services industry. We help banks, brokerage firms and insurance companies use IT to enter new markets in the shortest possible timeframes. All of our services are geared towards facilitating better informed, faster decision making. For more information visit www.celent.com.