European Claims Vendors in 2010

by Catherine Stagg-Macey,  Craig Beattie, June 22, 2010
Product Trends/ Reviews
EMEA

Abstract

Core claims technology continues to be an area where insurers are upgrading and vendors are offering enhanced solutions. Today, more than ever before, insurers in Europe are able to take on large system replacement projects by focusing on a single core area such as claims.

A new report from Celent, European Claims Vendors in 2010, profiles 21 claim system vendors in Europe, with 11 full profiles and 10 limited profiles. Only systems that have been deployed in Europe and have had at least one reference were eligible for a full profile. These criteria were designed to maximize the number of systems that can be reasonably expected to remain available (and viable) based on vendor size and strength, maturity of each product and its client base, and other important factors.

This report features Celent’s ABCD Vendor View. The ABCD Vendor View presents a comparative view of the vendor marketplace that visually represents four elements: Advanced technology and technical flexibility, Breadth of functionality, Customer base, and Depth of client services and solutions.

The report also describes how replacing a legacy claim system with a modern one provides benefits that align with three key corporate strategies: growth, efficiency, and underwriting success.

“There is no single best claims solution for all insurers,” says Catherine Stagg-Macey, Senior Analyst with Celent’s Insurance Group and coauthor of the report. “There are a number of good choices for an insurer with almost any set of requirements.”

“Some core claims systems bring broad and extensive out-of-the-box functionality that matches an insurer’s lines of business and operating model,” adds Craig Beattie, Analyst with Celent’s Insurance Group and coauthor of the report. “Other systems offer powerful configuration tools to build capabilities for both known and future requirements.”

Vendors covered in this report include Accenture, Adacta, Comarch, CSC, eBaoTech Corp, Fadata, FINEOS, FirstApex, Guidewire Software, IDIT Technologies Ltd., Innovation Group, IT-Freedom, Oracle, Profit, Protegys, Quinity, SAP, SFS, Software Solutions Partners, Tata Consultancy Services, and Wyde.

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].

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

3

Core Claims Systems: Definition and Functionality

4

 

Definition

4

 

Basic Functionality

4

 

Advanced Functionality

5

 

Additional Functionality

6

The Case to Replace: Aligning Claims with Corporate Strategies

7

Report Methodology

10

 

Eligibility for Inclusion

10

 

Evaluation Process

10

Celent’s ABCD Vendor View

11

 

Reading the ABCD Vendor View

12

About the Profiles

14

Accenture: Accenture Claim Components

15

Comarch: Comarch Insurance Claims

22

FINEOS: FINEOS Claims

28

Guidewire Software: ClaimCenter

34

IDIT I.D.I. Technologies Ltd.: IDIT Claims

41

Innovation Group: Insurer Claims

47

IT-Freedom: ICE Claims

54

Protegys Services: MASSAI

60

Quinity: QIS Claims Management

65

SAP AG: SAP Claims Management (SAP FS-CM)

71

Wyde: Winsure

78

Emerging Solution Profiles

85

 

Adacta: AdInsure

85

 

CSC: GraphTalk A.I.A

87

 

eBaoTech Corporation: GeneralClaim

89

 

Fadata: INSIS

91

 

FirstApex: FIC Claims

93

 

Oracle: Oracle Insurance Claims

94

 

Profit Software: Profit Claims Manager

96

 

SFS Software: Winsure Claims Plus

98

 

SSP Ltd: InsureJ

100

 

Tata Consultancy Services: TCS BaNCS Insurance Claims

102

Comparative Charts

105

Concluding Thoughts

107

Leveraging Celent’s Expertise

109

 

Support for Financial Institutions

109

 

Support for Vendors

109

Related Celent Research

110

Sign in to download reports and access personalized information