Document Management for Insurers: Overview and Solution Spectrum
AbstractBoston, MA, USA August 30, 2006
Analysis of key issues and classifications of more than 20 vendors.
The insurance industry is awash in paper, and in technology solutions to help it deal with that paper. Celent's new report, , helps insurers cut through the clutter to identify their key issues, formulate their strategies, and understand their technology options in different areas of document management.
"Document management is a key issue for insurers. Every step of the insurance product life cycle from product definition through distribution, underwriting, service, and claims relies on the creation and handling of internal and external documents," says Matthew Josefowicz, manager of Celent's Insurance group and co-author of the report. "Managing the creation, distribution, acceptance, and routing of all this paper-based (and electronic) information is a major task."
Insurers are devoting time and resources to addressing these problems. "In this year痴 Insurance Software Deal Trends report, document management deals outpaced nearly all other areas in terms of number of deals closed," says report co-author and senior analyst Craig Weber. "Especially high in volume was document creation at life/health companies and imaging at smaller property/casualty companies."
Many acronyms have laid claim to this solution provider space, from enterprise content management (ECM), information life cycle management (ILM), enterprise document production (EDP), and others. Perhaps because of this, many insurers still find themselves unsure where to focus their attention and which solution providers may be relevant for their specific needs. In this report, Celent divides the provider space into two broad categories: Document Creation and Document Handling. Celent's "Solution Spectrum" for each category positions these providers by current market positions based on their client base and industry momentum.
Celent advises insurers to keep three issues top of mind in selecting document management solutions:
- How can this solution be leveraged in other areas of the company?
- How will this solution integrate with our core systems?
- How will this solution help us move away from "documents" and towards "information"?
The report is 31 pages long and contains ten figures and five tables. A table of contents is available here.
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 a wholly-owned subsidiary of Marsh & McLennan Companies [NYSE: MMC].
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Table of ContentsBoston, MA, USA August 30, 2006
|The Role of Documents in Insurance||6|
|Moving Away from Paper||10|
|Overview of Technology Solutions||15|
|Solutions in This Report||17|
|Solution Spectrum: Document Creation||19|
|Solution Spectrum: Document Handling||23|
|Objectivity and Methodology||30|