Policy Administration System Vendors: North American Commercial P/C Insurance 2011

Abstract

Who are the leading commercial lines policy administration system vendors in 2011—as measured by technology, functionality, customers, and service? This report, featuring Celent’s XCelent Awards, provides the answers.

A new report, Policy Administration System Vendors: North American Commercial P/C Insurance 2011, profiles 50 policy administration systems in use for commercial lines, with 33 full profiles and 17 limited profiles. There are two designated winners for each of the XCelent Awards, in the categories of Technology, Functionality, Customer Base, and Service.

In addition to the awards and the solution profiles, this report describes the basic policy administration lifecycle and supporting functionality, as well as 11 types of indicative advanced functionality.

“In the past two years, nearly all vendors have made major investments in upgrading features, functions, usability, and integration methods,” says Donald Light, Senior Analyst with Celent’s Insurance group and coauthor of the report. “There have been some upgrades to modern frameworks and languages—very few solutions run on legacy platforms.”

“Capabilities for configuring products, rules, document management, and UIs have also improved, although true workflow/process design still lags. In general these changes have occurred at a more modest pace than usability/personalization improvements for end users,” adds Ben Moreland, Senior Analyst with Celent’s Insurance group and coauthor of the report. “An insurer considering a new policy administration system today has many strong and attractive choices.”

Celent is a research and advisory firm dedicated to helping financial institutions formulate comprehensive business and technology strategies. Celent publishes reports identifying trends and best practices in financial services technology and conducts consulting engagements for financial institutions looking to use technology to enhance existing business processes or launch new business strategies. With a team of internationally based analysts, Celent is uniquely positioned to offer strategic advice and market insights on a global basis. Celent is a member of the Oliver Wyman Group, which is part of Marsh & McLennan Companies [NYSE: MMC].

Media Contacts

North America (New York)
Dana Greenstein
dgreenstein@celent.com
Tel.: +1 646 364 8254

Europe (Stockholm)
Nick Bockh
nbockh@celent.com
Tel.: +46.8.650.4401

Asia (Tokyo)
Yumi Nagaoka
ynagaoka@celent.com
Tel.: +81.3500.3023