North American Insurance Software Deal Trends, 2014 Property & Casualty Edition
Insurance deal activity grows with continued investment in core systems.
In the report North American Insurance Software Deal Trends 2014, Property & Casualty Edition, Celent analyzes deal data provided by software vendors active in insurance in North America. A close look at overall 2012 and 2013 deals that fall into each metacategory and subcategory shows an increase in insurance software purchase. This year’s report shows strong sales in 2012 and 2013. Deals in 2013 grew compared to 2012, and a like-on-like comparison to the last two years’ results shows that most vendors saw double-digit increases in deal volumes.
The report breaks down deal activity by carrier size, type of deal, four broad metacategories (core processing, distribution, infrastructure and financial, and document/content management), and a number of subcategories. Data from previous Deal Trends reports are used to look at longer-term trends, and leading vendors for each metacategory are identified.
Based on vendor-provided data, the report also names leaders in the Celent Traction Index, which is an indicator of which companies are finding success in the insurance vertical.
“Increased investment in core systems was clearly reflected in the deal data,” says Mike Fitzgerald, Senior Analyst with Celent’s Insurance group and coauthor of the report. “This activity reflects the priority that insurers are placing on improving underwriting, claims, and billing capabilities.”
“Deal volume increased 44%,” says Karen Monks, Analyst with Celent’s Insurance group and coauthor of the report. “These veteran vendors from our past reports have been effectively selling new products to their existing clients and making progress in selling to new logos.”