Claims Management Systems for Top-Tier and Multiline North American P&C Insurers: Changing of the Guard
Report Summary
Claims Management Systems for Top-Tier and Multiline North American P&C Insurers: Changing of the Guard
The success of newer CMS vendors to the P&C industry reflects the industry’s desire to modernize and meet the latest requirements with new systems.
Boston, July 23, 2012 – A new report from Aite Group examines, profiles, and rates core claims management systems (CMSs) for top-tier and multiline North American P&C carriers. Based on detailed RFIs from established and newer CMS vendors alike, 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 and self-insured entities 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.
“New demands upon P&C carriers have fundamentally changed their approach to how they manage claims and their business in general,” says Stephen Applebaum, senior analyst with Aite Group and author of this report. “The ‘old guard’ of core claims system vendors, still well entrenched among top-tier carriers, has not been the major beneficiary of the current market demand for systems that best address carrier needs."
The report profiles and evaluates the following CMS vendors: Accenture (Accenture Claim Components), CSC (RISKMASTER Accelerator), Exigen (Exigen ClaimCore), Guidewire (Guidewire ClaimCenter), Innovation Group (Insurer Claims), SAP (SAP Claims Management), and StoneRiver (Claims Stream). It also mentions Cover-All, FINEOS, Systema, and TCS.
This 27-page Impact Report contains 10 figures and one table. Clients of Aite Group’s P&C Insurance service can download the report.