Celent profiles 42 policy administration systems vendors in Europe, with 20 full profiles and 22 limited profiles.
In a new report, Policy Administration Systems for General Insurers in Europe 2011, Celent looks at policy administration systems available to general insurers in Europe. Since the first report in 2005, activity has remained high among both insurers and policy administration system vendors. In the two years from January 2009 to January 2011, over 130 insurers had licensed a new policy administration system.
This report uses Celent�s ABCD Vendor View, which is a standard representation of a vendor marketplace designed to show at a glance the relative positions of each vendor in four categories: Advanced technology, Breadth of functionality, Customer base, and Depth of client services. The report also has the first four PAS XCelent Awards for Technology, Functionality, Customer Base, and Service.
“We continue to see an influx of vendors new to the European market, particularly in the United Kingdom,� says Catherine Stagg-Macey, Senior Vice President with Celent�s Insurance Group and coauthor of the report. �The vendor market remains fragmented and challenging for the insurer buyer to navigate.�
�The continued investment in the solutions is noticeable with an average of 20% of product revenue going into R&D,� adds Craig Beattie, analyst and coauthor of the report. �This has resulted in a highly configurable systems with impressive UIs that can help insurers meet their challenging business goals.�
Vendors with a full profile include Accenture, CCS, Comarch, CSC, Duck Creek Technologies, eBao Tech Corp, Fadata, IDIT Technologies Ltd, IT Freedom, MSG, MI Ltd, Prima, Quinity, RDT, SAP, SSP (Pure), Tata Consultancy Services, TIA Systems, UniRisX, and Wyde.
Another 22 vendors are profiled in the limited profile section. There are several reasons why a vendor and solution might have a limited profile, including newness to the European market, a low number of insurers using the systems, limited references, or vendor request. These vendors include 3i Infotech, Adaptik, Atena, COR FJA, Exigen, Guidewire Software, I2S, Indra.es, Innovation Group, ITN, Javision, Metaskil/ Open Square, NITL, Oneshield, PEGA, RGI, Sapiens, SFS, SSP (Select), and Target.
Celent is a research and advisory firm dedicated to helping financial institutions formulate comprehensive business and technology strategies. Celent publishes reports identifying trends and best practices in financial services technology and conducts consulting engagements for financial institutions looking to use technology to enhance existing business processes or launch new business strategies. With a team of internationally experienced analysts, Celent is uniquely positioned to offer strategic advice and market insights on a global basis. Celent is a member of the Oliver Wyman Group, which is part of Marsh & McLennan Companies [NYSE: MMC]. For more information visit www.celent.com.