Claims System Spectrum: Asia-Pacific Property and Casualty Insurance 2014

Celent profiles claims solution vendors for the property and casualty insurance industry. The report covers 13 global vendors with an Asia-Pacific presence.

In the new report, Claims System Spectrum: Asia-Pacific Property and Casualty Insurance 2014, Celent looks at the claims systems available to property and casualty insurers in the region. This report is part of a series on claims in Europe, the United States, and Latin America.

Many insurers in the Asia-Pacific region are engaged in some level of replacement of the claims administration system in recent years. The reasons for such activity are plentiful. Meanwhile, insurers replacing core claims administration systems are trying to achieve multiple goals, which can fall into three broad categories:

• Getting bigger by growing the top line.
• Getting leaner through higher productivity and expense control.
• Getting smarter by correctly pricing risks, making better underwriting decisions, and adjusting claims more accurately.

Selecting and implementing a new core claim system can contribute to the achievement of all three corporate objectives.

As a group, vendors continue to make significant investments in their core claims systems. The solutions are delivering more functionality, improving configuration tools, and are more connected, with SOA and web services becoming the de facto standard. There is no single best claims solution for all insurers. There are a number of good choices for an insurer with almost any set of requirements.

“Insurers seeking a new core claim system should begin the process by looking inward,” says Wenli Yuan, a senior analyst with Celent's Asian Financial Services Group and author of the report. “Every insurer has its own unique mix of lines of business, geography, staff capabilities, business objectives, and financial resources. This unique combination, along with the organization’s risk appetite, will influence the list of vendors for consideration.”

This report is Celent’s first report profiling claims administration systems available in Asia-Pacific for property & casualty insurance companies. The report profiles 13 core claims solutions, providing an overview of the functionality, customer base, supported lines of business; technology, implementation, pricing, and support.