P/C Billing System Vendors
Detailed profiles and comparisons of nine property/casualty billing systems.
Billing is heating up, and it's not just for finance anymore. In a recent Celent survey of business and IT executives at 35 property/casualty insurers, nearly half of the respondents considered billing a service or even marketing issue rather than a pure financial issue. The same survey found that insurers are struggling with service-related needs like providing automated printed notifications, allocating partial payments, accepting electronic payments (ACH/EFT) and credit cards, and supporting electronic bill presentment and payment (EBPP) for agents and policyholders. And with 3.7 billing systems in place at the average US P/C insurer, there continues to be an opportunity for consolidation.
"There are at least nine significant vendors with stand-alone billing systems on the market, and another six coming to market soon," says Matthew Josefowicz, manager of Celent's Insurance group and lead author of the report. "Many of these new entrants have been broken out and componentized from full policy administration suites."
Celent's new report, , is designed to help insurers understand their vendor options for new billing systems and to help them compile their own short lists of providers for additional investigation. The report is designed to help US P/C insurers understand their vendor options for billing systems. The report provides full profiles of nine major stand-alone billing systems on the market today that are reviewed in full in this report: AFCO ebis, CSC Exceed, DRC DecisionMaker Billing, Fiserv Advanced Billing, SAP FS-CD, Sapiens INSIGHT for Billing, Steel Card Apogee Billing, STG Renaissance eBilling, and TCS TARABS. It also includes limited profiles of six new entrants to the market: Allenbrook/ Rackley, Guidewire, Innovation Group, Insuresoft, Insureworx, and Insurity.
The report also includes Celent's ABCD Vendor View, which provides an easy-to-understand picture of a complex marketplace, positioning each vendor relative to the others in four categories: Advanced technology, Breadth of functionality, Customer base (i.e., relative number of customers), and Depth of client services. Unlike a simple "four-quadrant" map, solutions in the upper right are not necessarily the best--in most areas, there is no one "best" for all cases. Insurers should consider which factors in breadth, technology, experience, and client service are most important to them and use the profiles in the report to generate their own short lists.
The report is 47 pages long and contains multiple figures and tables. A table of contents is available here.Members of Celent's 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.