Technology Market Snapshot: Mid-Size Insurance Companies
Celent Communications predicts that mid-sized U.S. insurance companies will spend roughly US$1.1 billion on new technology projects over the next 3-5 years.
In a new report, entitled , Celent examines the composition and needs of this key market for insurance technology providers: the over 900 U.S. Insurers with direct written premiums between US$1 billion and US$100 million.
According to Matthew Josefowicz, Celent analyst and author of the report, "After sitting out the past couple of years of technological innovation, mid-size carriers are in need of the advantages that technology can bring to their struggle against the major carriers."
For mid-size insurers, the report notes, increasing distribution and making it more efficient trumps the other concerns like CRM and data-mining that pre-occupy larger companies. Accordingly, Celent predicts that new project spending by mid-size insurance companies will primarily be on Web-enabled policy administration systems and agent extranet systems.
Due to their greater numbers, the smaller P/C companies are expected to make up the largest single segment of this projected spending.
The report includes multiple charts and tables segmenting the mid-size insurer market by company size, product line, and geographical location. It also includes a brief summary of the offerings of seventeen leading companies that offer products targeted at mid-sized insurance companies.
A Table of Contents is available online.
of Celent Communication's Life/Health Insurance and Property/Casualty Insurance research services can download the report electronically by clicking on the icon to the left.
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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|New York, NY, USA March 11, 2002
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