Life Insurers Enhancing Claims Systems

Vendors increasing integration and product support in response to carrier needs

Novarica Profiles Six Prominent Providers

Boston, MA (Nov. 8, 2018) – As carriers look to improve claims processing, vendors are responding with solutions that provide improved integration, more analytics, and other capabilities and support for new product features. In a new brief, Life Insurance Claims: Key Issues and Prominent Providers, research and advisory firm Novarica discusses trends, carrier needs, and profiles six prominent providers of standalone life claims solutions.

“While major Policy Administration Systems for life and annuities provide claims capabilities, carriers are showing an increased interest in standalone solutions as they address legacy modernization through a disaggregated reduced-risk approach,” said Tom Benton, VP of Research and Consulting, and lead author of Novarica’s new brief. “Carriers are looking to address needs to consolidate or integrate across systems, support new products, and provide new capabilities such as mobile support or advanced analytics.”

A preview of the brief is available online.

Summary

Life insurers are seeking improved claims capabilities to increase efficiency for cost reduction and customer experience, along with supporting new product features to meet the needs of policyholders and plan sponsors.

While policy administration system suites generally provide integral claims processing, carriers are looking to standalone solutions for better integration and increased capabilities.

This report discusses trends, carrier needs and key providers of standalone life claims solutions like ClaimVantage, DXC, FAST, FINEOS, Intellect SEEC, and Pega.

Click here for the table of contents or to access the report.

About Novarica

Novarica helps more than 100 insurers make better decisions about technology projects and strategy through retained advisory services, published research, and strategy consulting. Its knowledge base covers trends, benchmarks, best practices, case studies, and vendor solutions. Leveraging the expertise of its senior team and more than 300 CIO Research Council members, Novarica provides clients with the ability to make faster, better, more informed decisions. Its consulting services focus on vendor selection, custom benchmarking, project checkpoints, and IT strategy. For more information, visit www.novarica.com.

Source: Novarica

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