Claims Management Systems for Small and Mid-Tier Single, Specialty, and Multiline North American P&C Insurers: Have It Your Way
Report Summary
Claims Management Systems for Small and Mid-Tier Single, Specialty, and Multiline North American P&C Insurers: Have It Your Way
Today’s newest CMS vendors provide functionality that meets diversified market demands better than systems provided by “old guard” vendors.
Boston, August 28, 2012 – A new report from Aite Group examines, profiles, and rates core claims management systems (CMSs) for small and mid-tier single, specialty, and multiline North American P&C carriers. Based on detailed RFIs from established and newer CMS vendors alike, along with user interviews, the report provides P&C carriers with the information they require to assess the vendor market prior to upgrading their claims management systems.
Increasing competition, demanding regulatory reporting and compliance requirements, and the need to adapt to a customer-centric business model are motivating P&C insurance carriers, including smaller players, to replace legacy claims management systems and update their strategies. Many of these carriers seek a single CMS that can support multiple P&C product lines—personal, commercial, and specialty—from a single platform. This continuing imperative is encouraging existing and new system software providers to innovate and enhance their solutions.
“Carriers that have recently implemented modern claims management systems have enjoyed higher levels of claims excellence, improved compliance and reporting, effective multichannel customer engagement, and enterprise-wide information availability,” says Stephen Applebaum, senior analyst with Aite Group and author of this report. “Nearly all newer system vendors, including those profiled in this report, offer solutions that enable clients to achieve these outcomes better than many ‘old guard’ vendors."
The report profiles and evaluates the following CMS vendors and systems: Cover-All Technologies (BlueWave Claims), FINEOS Corporation (FINEOS Claims), Systema Software LLC (SIMS Claims), and Tata Consultancy Services (TCS BaNCS Insurance Claims Components). It also references CGI’s Insurance Fusion360 platform offering.
This 26-page Impact Report contains 11 figures and four tables. Clients of Aite Group’s P&C Insurance service can download the report.