Fourth edition of report suggests that insurance carriers are active
software buyers.
June 8, 2007 – The results of Celent�s fourth annual deal trends study show that life/health and property/casualty carriers are seeking software to help them solve business problems across all key business functions.
“Core systems and document management are particular focus areas,” says senior analyst Craig Weber, author of the latest Celent reports, Insurance Software Deal Trends: 2005-2006. “But most carriers are looking for ways to improve services and operational efficiency across the board.”
Weber notes that the average number of deals by quarter rose 42% from 2005 to 2006. “No one is standing pat in this environment, which means that we should see significant advances in service and efficiency over the coming year,” he adds.
The report (available in Life/Health and Property/Casualty editions) examines 1,405 deals from 92 vendors. The deals are analyzed by category, customer type, and other factors. The following are examples of major findings detailed in the report:
- Comparing 2006 to 2005, the average number of deals per quarter rose in all four metacategories.
- The total pool of deals was distributed fairly evenly across each of the five carrier tiers defined for this report.
- Forty-three percent of the deals analyzed were between vendors and totally new customers.
A table of contents for both reports is available online. Click here for the life/health edition, here for the property/casualty edition.
About Celent
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.
