Claims solutions that can stand alone and integrate with other core systems are a key opportunity for life insurance carriers: Aite Group
Boston, MA (Mar. 28, 2018) – Aite Group’s newest report, Life Insurance Claims Vendors in North America: Evaluating Stand-Alone Systems, explores stand-alone claims solutions available to life insurance carriers that are looking to develop more digital claims processes to support the beneficiary experience. Life insurance carriers in the U.S. that want to improve their current tools without replacing their core policy administration system have limited options. Only a handful of technology vendors, recognizing the need to support the U.S. life insurance industry’s mission to upgrade claims tools as well as carriers’ inability or refusal to invest in a complete PAS, offer stand-alone claims systems.
“Legacy claims systems are crippling life insurance carriers’ ability to advance the way they handle claims and meet customers’ expectations, yet few stand-alone solutions are available, pushing life insurance carriers to maintain the solutions they have and create workarounds to improve the process,” says Samantha Chow, senior analyst at Aite Group.
Leveraging the Aite Impact Matrix (AIM), a proprietary Aite Group vendor assessment framework, this report evaluates the overall competitive position of five vendors offering stand-alone claims systems to the U.S. life insurance industry: EIS, FINEOS, Intellect SEEC, Oracle/Equisoft, and Vitech. This report is based on 24 qualitative Aite Group interviews and quantitative surveys with life insurance IT executives, and with technology vendors currently offering a stand-alone life insurance claims solution in the U.S.
To request a copy of this report or to speak with Samantha Chow about this topic, please contact us at [email protected].
About Aite Group
Aite Group is a global research and advisory firm delivering comprehensive, actionable advice on business, technology, and regulatory issues and their impact on the financial services industry. With expertise in banking, payments, insurance, wealth management, and the capital markets, we guide financial institutions, technology providers, and consulting firms worldwide. We partner with our clients, revealing their blind spots and delivering insights to make their businesses smarter and stronger. Visit us at www.aitegroup.com.
Source: Aite GroupTags: Aite Group, Life Insurance, vendors