Insurer Digital Strategies Driving Core Policy Administration System Initiatives

Market trends include M&A, cloud maturity, growth in low-code, and emergence of digital platforms; Novarica profiles 48 vendor Solutions

Boston, MA (May 24, 2021) – The P&C policy administration market continues to flourish for those vendors providing insurers improved product development speed and flexibility. Driven by a desire to attract and retain top producers, as well as to provide policyholders and claimants with a satisfying digital experience, insurers look towards core system replacements to reduce the costs of maintaining legacy systems, while integrating with third-party applications that help insurers move toward more digital processing of submissions and approvals.

In its 14th annual Novarica Market Navigator: Property/Casualty Policy Administration Systems, research and advisory firm Novarica provides comprehensive details of the available systems and suites for US property/casualty insurers, as well as detailed profiles of 48 solutions in a 650+ page report.

“One factor that often leads to system replacements is digital engagement,” said Martin Higgins, Vice President of Research and Consulting, and lead author of Novarica’s new report. “Newer generations of producers and policyholders have higher expectations for technology and usability and won’t tolerate the inefficiencies and poor user experience that legacy solutions offer.”

Each profile summarizes the vendor organization, technology, differentiators, client base, lines of business supported, deployment options, implementation, upgrades/enhancements, and key functionality.

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

Report Summary

The property/casualty policy administration market continues to flourish for those vendors providing insurers improved product development speed and flexibility, as well as digital engagement. This report provides an overview of the available policy administration systems and suites for US property/casualty insurers. The report contains profiles of 48 solutions that summarize the vendor organization, technology, differentiators, client base, lines of business supported, deployment options, implementation, upgrades/enhancements, and key functionality.

Vendors profiled include: AdvantageGO, Beyontec, Bond-Pro, BriteCore, Decision Research Corporation, Duck Creek, DXC, eBaoTech, Ebix, EIS, Finys, Focus Technologies, Guidewire, Horizon Systems, INSTANDA, Instec (an Insurity Company), Insurance Systems Inc., Insuresoft, Insurity, Insurium, Jarus Technologies, JW Software, Majesco, OneShield, Origami Risk, PCMI, PCMS, Policy Administration Solutions, Salesforce, Sapiens, Silvervine, SimpleSolve, Socotra, Solartis, SpeedBuilder Systems, Sunlight Solutions, Tata Consultancy Services, Tinubu Square, Ventiv, Verisk, WaterStreet Company, and XDimensional Technologies.

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

About Novarica

Novarica helps more than 150 insurers make better decisions about technology projects and strategy. Its research covers trends, best practices, and vendors, leveraging relationships with more than 300 insurer CIO members of its Research Council. Its advisory services provide enterprise phone and email consultations on any topic for a fixed annual fee. Consulting services range from assessments and strategic roadmaps to vendor evaluations. For more information, visit www.novarica.com.

Source: Novarica