Trends and Predictions for P&C Policy Administration Systems 2009
Celent investigates five important trends in the policy administration space and makes predictions about four trends that will emerge in the mainstream policy administration marketplace and increase in importance in coming years.
Celent analysts have spent months viewing nearly 100 vendor demos and surveying hundreds of reference clients in order to publish the combined 566 pages in the Celent reports Policy Administration Systems for Commercial Lines P/C Insurers US 2009, June 2009, Policy Administration Systems for Personal Lines P/C Insurers US 2009, June 2009, and Policy Administration Systems for General Insurers in Europe 2009, July 2009. These three reports focus on the current state of the policy administration space, along with a review of past implementation and customer service experiences, and subjective rankings of the systems as they exist today.
During this process of defining the policy administration marketplace, Celent began to see and track trends among systems. "Many offering features are similar to what they were in Celent’s 2007 reports, but some concepts which were only emerging two years ago have now become commonplace, and others are just emerging," says Donald Light, senior analyst with Celent’s insurance practice and coauthor of the report.
"Vendors with systems that do not provide the functionality or features described in these trends should think very strongly about adjusting their delivery paths," says Catherine Stagg-Macey, senior analyst with Celent’s insurance practice and coauthor of the report. "Insurers who are in the market for a new system or in a position to pressure their existing vendors for updates should feel comfortable demanding that this functionality is on their priority list."
"Vendors looking to lead the curve in innovation should pay close attention to these predictions," says Jeff Goldberg, senior analyst with Celent's insurance practice and coauthor of the report.
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].
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