Between 2004 and 2008, Celent anticipates that North American insurance carriers will have spent more than US$1.4 billion on policy administration systems (PAS), a large increase from previous years.
New York, NY, USA, January 6, 2005 – In a new report, Policy Administration Systems Overview: 2005, Celent examines the North American PAS market. It looks at the market trends for administration systems and integrated admin suites today and tomorrow, predicting a surge in growth over the next few years, especially for property/casualty systems.
The report discusses the business drivers behind PAS purchases, including regulatory/compliance factors, product flexibility/speed-to-market, cost reduction, Web enablement of systems, consolidation/integration of systems and servers, and business process flexibility/improvement.
“Policy administration system vendors are seeing a rising tide of activity,” says Chad Hersh, a senior analyst in Celent�s insurance practice and author of the report. “We�re just now seeing the tip of the iceberg, with spending set to increase by hundreds of millions of dollars over the next few years.”
Three upcoming reports will profile vendors of policy administration systems for life/health (including annuities), personal lines property/casualty, and commercial lines property/casualty.
The 22-page report contains six figures and two tables. A table of contents is available online.
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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.