Claims Systems Vendors: European General Insurance 2012
Core claims technology continues to be an area where insurers are upgrading and vendors are offering enhanced solutions. Today, more than ever before, insurers in Europe are able to take on large system replacement projects by focusing on a single core area such as claims.
In the report, Claims Systems Vendors: European General Insurance 2012, Celent profiles 18 policy administration systems vendors in Europe, with 10 full profiles and eight limited profiles. Only systems that have been deployed in Europe and have had at least one stand-alone claims system reference were eligible for a full profile. These criteria were designed to maximize the number of systems that can be reasonably expected to remain available (and viable) based on vendor size and strength, maturity of each product and its client base, and other important factors.
“Vendor investment in their solutions since Celent’s 2010 report is clear, and this is great news for buyers,” says Catherine Stagg-Macey, Senior Vice President with Celent’s Insurance Group and coauthor of the report. “This remains a highly competitive solution market.”
“The vendors in this report have achieved a strong baseline of good functionality and modern technology,” adds Craig Beattie, analyst with Celent’s Insurance Group and coauthor of the report. “Increasingly, vendors are looking at agility and changing management investments to meet customer needs and to differentiate their product offerings.”
Celent has developed a framework for evaluating vendors. This is a standard representation of a vendor marketplace designed to show at a glance the relative positions of each vendor in four categories: Advanced technology, Breadth of functionality, Customer base (i.e., relative number of customers), and Depth of client services. The Celent Vendor View shows relative positions of each solution evaluated, and does not reflect an abstract evaluation. Each vendor solution is judged relative to the others in the group. The top performers in each of the ABCD dimensions receive a corresponding XCelent Award:
- XCelent Technology for the leading Advanced Technology score
- XCelent Functionality for the leading Breadth of Functionality score
- XCelent Customer Base for the leading Customer Base score
- XCelent Service for the Depth of Service score
In addition to providing profiles of 18 vendors, this report describes how replacing a legacy claims system with a modern one provides benefits that align with three key corporate strategies: growth, efficiency, and underwriting success.
This 98-page report contains nine figures and 46 tables.