Life Claims 2014: A Global Vendor Spectrum
In its first ever life insurance claims report, Celent provides a detailed look at 18 insurance claims systems marketed across the globe to life insurance companies.
In a new report, Life Claims 2014: A Global Spectrum, Celent looks at stand-alone claims systems available to insurers across the globe. Many vendors market and sell their products in multiple geographies; however, not all vendors can or desire to sell to clients all over the globe.
“This report is intended to help insurers compare claims systems vendors on a wide range of factors such as client base, technology, and available functionality. At the surface many vendors look similar, but it is our intent to help insurers to dig deeper to understand how vendors’ offerings match their requirements both today and for the future,” states Karen Monks, analyst with Celent’s North American Insurance group and coauthor of the report.
“The replacement of legacy life insurance claims systems has not proceeded at a pace comparable to general insurance. A general insurer is 4 times as likely to invest in claims systems as a life insurer. And the majority of the life insurance replacements are components within policy administrations systems which often were sold when the administration system was sold.” says Nicolas Michellod, Senior Analyst with Celent’s EMEA Insurance group and coauthor of the report.
This report profiles the products of each software vendor providing details on clients and geographies in production, features and functionality available, as well as technology. The report also highlights several similarities and differences among the vendors in the areas of type of system (best of breed or stand-alone PAS component) and deployment options. It is Celent’s desire that this vendor spectrum help insurers looking to implement a new claim system by providing the necessary detail to evaluate, at a high level, the vendors in the market.