Insurance Distribution Management Systems: Seeking a Bigger Piece of a Smaller Pie
How can insurance companies grow their business in a meaningful manner, given the economic outlook? Effective producer management is an untapped area of competitive advantage.
A new report, Insurance Distribution Management Systems: Seeking a Bigger Piece of a Smaller Pie, examines how insurers can achieve sustained and profitable growth and provides a view of the vendors servicing the distribution management systems market. The goal in conducting this detailed data analysis and in talking to key players is to provide comparative data that helps carriers shortcut the process of evaluating distribution management vendors.
"The producer management lifecycle is characterized by multiple activities and numerous handoffs," says Mike Fitzgerald, senior analyst with Celent's Insurance group and author of the report. "Distribution solutions that increase coordination and consistency improve agent service, decrease expenses, and attract business."
A convergence is occurring between what has historically been labeled enterprise incentive management (EIM) and licensing and compliance systems. Solutions are beginning to emerge that accomplish all of the tasks involved in the full lifecycle of a company-producer relationship.
Celent analyzes five products from six vendors using its ABCD analysis framework to present a comparative view of the vendor marketplace that visually represents four elements: Advanced technology and technical flexibility, Breadth of functionality, Customer base, and Depth of client services and solutions. Additional information is provided for best-of-breed and emerging solutions. Vendors included in this report are: ActekSoft, Callidus, CSC, CSSI, Kaplan, MajescoMastek, Outline Systems, Sircon, StoneRiver,
SunGard, and Versata.