Celent believes that sales of P&C claims systems in North America will continue at a steady pace during the mid-2014 to mid-2016 period.
New York, NY (July 31, 2015) – In a new report, Deal Trends and Projections in the P&C Claims Market: 2015 North American Edition, Celent analyzes deal activity for new core claim systems in North America using data from 12 vendors which reported their sales in two prior two-year periods. The report also estimates the new deals in the mid-2014 to mid-2016 period.
Deployed core claims systems, as reported by vendors responding to Celent RFIs, are found predominantly, by count, among small and midsize insurers.
“While many insurers have already replaced legacy systems, there is a significant number which have not,” says Donald Light, Research Director with Celent’s Insurance practice. “The same business drivers which have influenced purchase decisions will continue. These include the need to control loss adjustment expense, the importance of reducing claims leakage, and thereby the loss ratio, and the focus on claimant experience. Claim system vendors continue to invest in their systems and are providing technology which facilitates meeting all three goals.”
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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 based 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).