Cloud, APIs becoming table stakes as P&C insurers policy administration systems market remains crowded

Novarica profiles 43 solutions in 13th annual report

Boston, MA (May 12, 2020) – While core transformation projects are challenging for insurers, the benefits of successful projects are clear: improved time to market, increased business and IT agility, improved flexibility, reduced technical risk, and improved employee, agent, and customer satisfaction. However, a complete policy administration replacement can require significant financial investment and organizational attention.

A new report, Property/Casualty Policy Administration Systems 2020, by research and advisory services firm Novarica, provides an overview of the available policy administration systems and suites for US property/casualty insurers, as well as profiles of 43 vendor solutions.

“Cloud and SaaS are no longer emerging,” said Martin Higgins, Vice President of Research and Consulting, and lead author of Novarica’s new report. “A majority of property/casualty insurers are now considering core policy administration systems in the cloud via a Software-as-a-Service (SaaS) model. While many existing clients still use an on-prem installation, most vendors have moved their systems to the cloud and adjusted licensing models to allow ongoing subscription approaches.”

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

Report Summary

The property/casualty policy administration market remains fragmented and complex, with cloud-based deployment and API integration becoming more standard. This report provides an overview of the available policy administration systems and suites for US property/casualty insurers. The report contains profiles of 42 solutions, summarize the vendor organization, technology, differentiators, client base, lines of business supported, deployment options, implementation, upgrades/enhancements, and key functionality.

Vendors included: AdvantageGO, Beyontec, BriteCore, CGI, CodeObjects, Decision Research Corporation, Duck Creek, DXC, Ebix, Echo Ridge Partners, EIS Group, eSURETY, Finys, Focus Technologies, Guidewire, Horizon Systems, Instanda, Instec, Insurance Systems Inc., Insuresoft, Insurity, JW Software, Majesco, Mutual Expert, OneShield, Origami Risk, PCMS, Policy Administration Solutions, SAP SE, Sapiens, Silvervine, SimpleSolve, Socotra, Solartis, SpeedBuilder Systems, Sunlight Solutions, TCS, and Verisk.

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