Digitalization is creating a variety of new data sources; Aite-Novarica Group profiles 24 stand-alone core claims solutions in latest Vendor Analysis Report
The demand for insurance claims management solutions is growing, as P/C insurers look to improve the claims process and enhance the customer claims experience. With insurers seeking new ways to improve adjuster efficiency and manage increasing loss costs due to inflation, activity for new claims platforms purchased on a stand-alone basis or as part of a suite has steadily increased these last few years.
In a new Impact Report, P/C Claims Management Systems: Vendor Analysis Report, research and advisory firm Aite-Novarica Group provides an overview of the current vendor marketplace for stand-alone P/C claims management solutions, as well as profiles the 24 stand-alone core claims solutions of 21 vendors. These 21 vendors include Axiom, Beyontec, Decision Research Corporation (DRC), Duck Creek, DXC, Ebix, EIS, Five Sigma, Guidewire, Insuresoft, Insurity, Majesco, OneShield, Origami Risk, PCIS, Policy Administration Solutions, Sapiens, Snapsheet, Tata Consultancy Services (TCS), Ventiv, and Verisk.
“Digitalization is creating an increasing variety of new data sources,” said Stuart Rose, Strategic Advisor at Aite-Novarica Group. “A P/C claims management solution needs the ability to support the photos, images, videos, aerial imagery, and even telematics data.”
“Features, functionality, and costs should not be the only deciding factors for an insurer selecting a new vendor partner,” adds Deb Zawisza, Senior Principal at Aite-Novarica Group and co-author of the new report. “Claims professionals and IT executives should look beyond basic claims features and develop a list of critical requirements that are key differentiators to ensure the long-term viability of the solution.”
About Aite-Novarica Group:
Aite-Novarica Group is an advisory firm providing mission-critical insights on technology, regulations, strategy, and operations to hundreds of banks, insurers, payments providers, and investment firms—as well as the technology and service providers that support them. Comprising former senior technology, strategy, and operations executives as well as experienced researchers and consultants, our experts provide actionable advice to our client base, leveraging deep insights developed via our extensive network of clients and other industry contacts. Visit us on the web and connect with us on Twitter and LinkedIn.