The market for core system replacement heats up over the next two years in both the US and Europe.
A number of factors have emerged, creating the “perfect storm” of business drivers for significant growth in policy admin system purchases. In a new report from Celent, A Global View of Policy Administration Systems: The 2007 Overview, Celent puts forward the trends in policy administration systems markets in Europe, North America, and Asia.
Celent expects the market in both Europe and North America to continue to grow over the next two years and that total spending on policy administration solutions for the regions covered in this report will peak at US$1.7 billion in 2009. As systems improve, insurers� appetites for those systems should continue to grow, while prices should hold reasonably firm for vendors or even increase in the case of China.
“The growth in worldwide demand for policy administration systems in 2008 and beyond looks to be excellent,” notes Catherine Stagg-Macey, senior analyst and one of the authors of the report.
Chad Hersh, senior analyst and co-author of the report, adds that “the next five years are likely to be some of the strongest yet for vendors, and should yield tremendous benefits for insurers.”
The 25 page report contains nine charts and three tables. A table of contents is available online.
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.