The number of insurance companies in the
China market has increased quickly. There are 23 new insurance companies
that started operation in 2005. Nine of them are local property/casualty
insurance companies, and one is an international P/C insurance company. In
order to pass the China Insurance Regulatory Commission's starting
operation inspection, these new companies must have installed a policy
administration system. The vast majority of these companies have
implemented local vendors' solutions in the last two years, for lower
price and quicker implementation.
“Chinasoft Corporation, eBaoTech
Corporation, Lenovo AI, and Sysnet Co. Ltd. are major local vendors that
supply property and casualty policy administration systems in the China
market,” says Wenli Yuan, author of
the new Celent report, Policy Administration Systems in China, 2006:
Property/Casualty Solution Spectrum. “Celent believes international
vendors also have potential in this market, since as these new companies
mature, they may require more mature and sophisticated systems similar to
those in use at other global insurers.”
Unlike Celent's recent study of
life/pensions policy administration systems in China, this report does not
include a Celent ABCD Vendor View. Sufficient information on two of the
major players was unattainable, and therefore Celent was not able to
create a fair analysis. Accordingly, Celent presents these vendors in a
“Solution Spectrum” that documents the relative market positions of
the leading players in the market.
The report introduces both local and international
vendors that are market entrants. It includes profiles for five systems: Insure3
Policy of Castek Software Inc., Chinasoft PIS of Chinasoft
Corporation, IDIT of I.D.I. Technologies, TIA Solutions of
TIA Technology A/S, and Genius of Xchanging. International
vendors included in this report are active in the China market; two
vendors already have Chinese versions of their solutions installed in
China-based insurance companies. In the Comparative Charts and Analysis
section of the report, charts compare the profiled solutions on the bases
of functionality breadth, core technology, cost, and product
maturity/localization.
Considering China’s more active role in the global
market, Celent suggests local vendors rethink their system architecture
with international standards. Celent also suggests international vendors
supply more training to local partners to make sure they have enough
knowledgeable resources and to make the first implementation client they
get in China a happy client.
The report is 20 pages and contains three figures
and four tables. A table of contents is
available online.
