Insurance Accounting Systems Vendors 2006

by Donald Light, October 18, 2006

Abstract

San Francisco, CA, USA October 18, 2006

Celent looks at insurance accounting and financial system solutions.

In a new report, Insurance Accounting System Vendors 2006, Celent looks at insurance accounting and financial solutions from five vendors. Solutions fall into two groups: enterprise resource planning (ERP) vendors and independent software vendors with a broad insurance focus. The report features Celent"s ABCD Vendor View, which 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.

Each of the five insurance accounting and financial solutions profiled in this report has its own strengths. Some offer a broad set of financial functionality bundled with a general ledger application and are integrated with more general ERP applications. Others have been created specifically for the insurance industry and linked to statutory filing systems and investment management systems. Some are built with modern languages and can run on almost any platform. Others emphasize innovative account code structures, integration methods, and ease of use.

"There are only a few compelling reasons that would make an insurer change its accounting system," said Donald Light, senior analyst and author of the report. "These include: pain from an inefficient and inflexible legacy system; the speed, accuracy, and efficiency offered by a new and integrated set of accounting and financial applications; and the benefits of insight into how activities contribute to revenue, expenses, and profit through the use of cost accounting, performance, and analytics. This report provides an informational foundation for any insurer looking for a new accounting and financial solutions."

The 47-page report contains three figures and 38 tables. A table of contents is available online.

 

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 operating unit 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

San Francisco, CA, USA October 18, 2006

Executive Summary 3
Introduction 5
A Topography for Insurance Accounting and Financial Systems 6
Report Methodology 8
Celent's ABCD Vendor View 9
About the Profiles 12
Fiserv Pro Financial 13
Lawson General Ledger 19
Oracle PeopleSoft  Enterprise General Ledger 25
mySAP ERP Financials 31
SunGard iWorks EAS 37
Comparative Charts and Analyses 43
Concluding Thoughts 45
Objectivity & Methodology 46

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