Claims System Spectrum: Latin American P&C Insurance 2016

by Luis Chipana, December 28, 2016
Vendor Reviews
Latin America

Abstract

Celent has released a new report titled Claims System Spectrum: Latin American P&C Insurance 2016. The report was written by Luis Chipana, an Analyst in Celent’s Insurance practice.

This report presents Celent's 2016 survey and evaluation of core claims systems offered to Latin America property & casualty insurers. Eight vendors are profiled in this report.

Core claims systems gather and process information regarding the underlying policy and coverages, the claim, and the claimant; evaluate and analyze the circumstances of the claim; make decisions and take actions including payment; and execute transactions and preserve a record.

One trend we note is that many vendors are integrating their solutions to the cloud.

“In Latin America as well as in other regions, few carriers are doing nothing when it comes to claims. Many are engaged in some level of replacement of the claims admin system,” commented Chipana.

“Reasons are plentiful. Legacy claims systems are aging, and they struggle to support claims of newer and more complex products. At the end of the day, legacy translates into adding more resources, both human and financial, to maintain those systems,” he adds.

Celent is a research and advisory firm dedicated to helping financial institutions formulate comprehensive business and technology strategies. Celent publishes reports identifying trends and best practices in financial services technology and conducts consulting engagements for financial institutions looking to use technology to enhance existing business processes or launch new business strategies. With a team of internationally based analysts, Celent is uniquely positioned to offer strategic advice and market insights on a global basis. Celent is a member of the Oliver Wyman Group, which is part of Marsh & McLennan Companies [NYSE: MMC].

Media Contacts

North America
Michele Pace
mpace@celent.com
Tel: +1 212 345 1366

Europe (London)
Chris Williams
cwilliams@celent.com
Tel: +44 (0)782 448 3336

Asia (Tokyo)
Yumi Nagaoka
ynagaoka@celent.com
Tel.: +81 3 3500 3023

Table of Contents

Executive Summary

1

Introduction

2

Core Claims Systems: Definition and Functionality

4

Report Methodology

10

CSI Group: iAXIS

11

Ebix, Inc.: One Policy

16

Guidewire Software Inc.: Guidewire Policy Center

22

Majesco: Majesco Claims

28

Neutron Consultoria e Systema Ltda: eSNGS – Neutron Insurance Management System

34

Sistran Consultores: SISE 3G

39

Tata Consultancy Services: TCS BaNCS for Insurance

44

TIA Technology A/S: TIA Claims Solution

50

Concluding Thoughts

55

Leveraging Celent’s Expertise

56

 

Support for Financial Institutions

56

 

Support for Vendors

56

Related Celent Research

57

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