Celent has released a new report titled Claims System Vendors North American P&C Insurance 2016, written by Donald Light and Karlyn Carnahan, research directors with Celent’s insurance practice.
New York, NY (Dec. 19, 2016) – This report presents Celent’s 2016 survey and evaluation of core claims systems offered to North America property & casualty insurers. Twenty-eight vendors offering 30 systems are presented in the profiles in this report.
Core claims systems gather and process information regarding the underlying policy and coverages, the claim, and the claimant; evaluate and analyze the circumstances of the claim; make decisions and take actions including payment; and execute transactions and preserve a record.
The winners of Celent’s XCelent awards are announced in the report.
“Few carriers are doing nothing when it comes to claims. More than half are engaged in some level of replacement of the claims admin system in the current year,” commented Light. “The reasons for such activity are plentiful. Legacy claims systems are aging, which means that they are expensive to maintain.”
“Carriers replacing core claims systems are trying to achieve multiple goals, falling into three broad categories,” said Carnahan. “One, getting bigger by growing the top line. Two, getting leaner through higher productivity and expense control. Three, getting smarter by correctly pricing risks, making better underwriting decisions, and adjusting claims more accurately.”
Elements of a claim system (Celent)
Click here for the table of contents or to purchase the report from Celent.
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).