Claims System Vendors: North American P&C Insurance 2016

by Donald Light,  Karlyn Carnahan, December 19, 2016
Vendor Reviews
North America

Abstract

Celent has released a new report titled Claims System Vendors North American P&C Insurance 2016. The report was written by Donald Light and Karlyn Carnahan, Research Directors with Celent’s Insurance practice.

This report presents Celent's 2016 survey and evaluation of core claims systems offered to North America property & casualty insurers. Twenty-eight vendors offering 30 systems are presented in the profiles 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.

The winners of Celent’s XCelent awards are announced in the report.

“Few carriers are doing nothing when it comes to claims. More than half are engaged in some level of replacement of the claims admin system in the current year,” commented Light. “The reasons for such activity are plentiful. Legacy claims systems are aging, which means that they are expensive to maintain."

“Carriers replacing core claims systems are trying to achieve multiple goals, falling into three broad categories," said Carnahan. “One, getting bigger by growing the top line. Two, getting leaner through higher productivity and expense control. Three, getting smarter by correctly pricing risks, making better underwriting decisions, and adjusting claims more accurately.”

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

Celent’s ABCD Vendor View and the XCelent Awards

11

1insurer Inc.: 1insurer Claims

15

Beyontec: EZ*Insure

22

Code Objects, Inc.: ClaimsEnterprise

29

CSC: RISKMASTER ACCELERATOR

34

CSC: Xuber Claims

43

Duck Creek Technologies LLC: Duck Creek Claims

48

E-Claim.com, LLC: ClickClaims

58

Ebix, INC.: One Policy

65

EIS Group, Inc.: ClaimCore

71

Guidewire Software Inc.: Guidewire Claim Center

77

Insuresoft, LLC: Diamond Claims

85

Insurity, Inc.: Claims Decisions

92

ISCS, Inc.: SurePower Innovation

99

JDi Data Corporation: Claims Manager

107

JW Software, Inc.: File Manager

115

Majesco: Majesco Claims

123

NIIT Technologies Limited: AdvantageSuite Navigator

131

OneShield, Inc.: OneShield Claims

137

One Shield Software, Inc.: OneShield Market Solutions Claims

143

PCIS: ClaimsVISION

149

Property & Casualty Management Systems, Inc.: Atlas Claims

155

SAP SE: SAP Claims Management

163

Sapiens: The Sapiens Stingray System – Claims

168

SFS Software & ICT Consultancy Co.: Ww.Winsure Claims

176

StoneRiver, Inc.: PowerSuite Claims

180

StoneRiver, Inc.: Stream Claims

189

Sunlight Solutions, Inc.: Sunlight Claims

198

Systema Software, LLC: SIMS Claims

204

Tata Consultancy Services: TCS BaNCS for Insurance

212

TIA Technology A/S: TIA Claims Solution

218

Concluding Thoughts

223

Leveraging Celent’s Expertise

224

 

Support for Financial Institutions

224

 

Support for Vendors

224

Related Celent Research

225

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