Claims System Vendors: North American P&C Insurance 2016
Celent has released a new report titled Claims System Vendors North American P&C Insurance 2016. The report was written by Donald Light and Karlyn Carnahan, Research Directors with Celent’s Insurance practice.
This report presents Celent's 2016 survey and evaluation of core claims systems offered to North America property & casualty insurers. Twenty-eight vendors offering 30 systems are presented in the profiles in this report.
Core claims systems gather and process information regarding the underlying policy and coverages, the claim, and the claimant; evaluate and analyze the circumstances of the claim; make decisions and take actions including payment; and execute transactions and preserve a record.
The winners of Celent’s XCelent awards are announced in the report.
“Few carriers are doing nothing when it comes to claims. More than half are engaged in some level of replacement of the claims admin system in the current year,” commented Light. “The reasons for such activity are plentiful. Legacy claims systems are aging, which means that they are expensive to maintain."
“Carriers replacing core claims systems are trying to achieve multiple goals, falling into three broad categories," said Carnahan. “One, getting bigger by growing the top line. Two, getting leaner through higher productivity and expense control. Three, getting smarter by correctly pricing risks, making better underwriting decisions, and adjusting claims more accurately.”