Policy Administration Systems Overview: 2005
| New York, NY, USA January 6, 2005
Between 2004 and 2008, Celent anticipates that North American insurance carriers will have spent more than US$1.4 billion on policy administration systems (PAS), a large increase from previous years.
In a new report, , Celent examines the North American PAS market. It looks at the market trends for administration systems and integrated admin suites today and tomorrow, predicting a surge in growth over the next few years, especially for property/casualty systems.
The report discusses the business drivers behind PAS purchases, including regulatory/compliance factors, product flexibility/speed-to-market, cost reduction, Web enablement of systems, consolidation/integration of systems and servers, and business process flexibility/improvement.
"Policy administration system vendors are seeing a rising tide of activity," saysChad Hersh, a senior analyst in Celent痴 insurance practice and author of the report. "We池e just now seeing the tip of the iceberg, with spending set to increase by hundreds of millions of dollars over the next few years."
Three upcoming reports will profile vendors of policy administration systems for life/health (including annuities), personal lines property/casualty, and commercial lines property/casualty.
The 22-page report contains six figures and two tables. Atable of contents is available online.
of Celent Communications' Life/Health Insurance and Property/Casualty Insurance research services can download the report electronically by clicking on the icon to the left. Non-members should contact firstname.lastname@example.org for more information.