Claims System Spectrum: Latin American P&C Insurance 2016
Celent has released a new report titled Claims System Spectrum: Latin American P&C Insurance 2016. The report was written by Luis Chipana, an Analyst in Celent’s Insurance practice.
This report presents Celent's 2016 survey and evaluation of core claims systems offered to Latin America property & casualty insurers. Eight vendors are profiled 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.
One trend we note is that many vendors are integrating their solutions to the cloud.
“In Latin America as well as in other regions, few carriers are doing nothing when it comes to claims. Many are engaged in some level of replacement of the claims admin system,” commented Chipana.
“Reasons are plentiful. Legacy claims systems are aging, and they struggle to support claims of newer and more complex products. At the end of the day, legacy translates into adding more resources, both human and financial, to maintain those systems,” he adds.