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North American Insurance Software Deal Trends, Property/Casualty Edition

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4 June 2013
Michael Fitzgerald
Karen Monks

Abstract

Insurance carriers have continued with their sluggish purchases of software, but 2012 shows a glimmer of hope for a turnaround.

In the report, North American Insurance Software Deal Trends 2013, Property/Casualty Edition, Celent analyzes deal data provided by software vendors active in insurance in North America. Deals for property/casualty software were flat compared to the last report, but a like-on-like comparison to the last two years’ results shows that many vendors saw a decrease in deals each year since 2010. The infrastructure and financial metacategory was a key driver of this report’s volume, as insurers increased their purchases of data mastery tools. When compared with the previous report, deal volume in this category rose by nearly 6%.

“Continued investment in core systems renewal was clearly reflected in property and casualty deal data,” says Mike Fitzgerald, Senior Analyst with Celent’s Insurance Group and coauthor of the report. “There was also an increase in data mastery tools, with P&C carriers competing in pricing and risk analytics. Once nice-to-haves, advanced analytics are becoming table stakes.”

“Our 2013 report shows that overall deal activity among P&C insurers continues to be slow. However, investments in core systems and data analytics have buoyed sales for key vendors,” says Karen Monks, Analyst with Celent’s Insurance Group and coauthor of the report. “Insurers picked up their software purchases as 2012 progressed, but deal volume is still well below volumes from three or four years ago.”

This report breaks down deal activity by carrier size, type of deal, four metacategories (core processing, distribution, infrastructure and financial, and document/content management), and a number of subcategories. Data from previous Deal Trends reports are used to look at longer-term trends, and leading vendors for each metacategory are identified. Based on vendor-provided data, the report also names leaders in the Celent Traction Index, which is an indicator of which companies are finding success in the insurance vertical.

The 26-page report contains 17 figures and four tables.

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