Claims System Vendors: North American P&C Insurance 2024

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6 March 2024

Andrew Schwartz

2024 XCelent Awards, Powered by VendorMatch

Abstract

Claims, often referred to as the "moment of truth," represent the fulfillment of an insurance policy's promise to indemnify and make customers whole after a loss. As the largest cost center in insurance, optimizing the costs associated with claims is crucial. Extended claims cycle time directly impacts customer satisfaction with insurers. The substantial amount of money involved in the claims process intensifies the need for automation and digitalization across the insurance value chain. Therefore, insurers must choose a claims system that effectively manages these pressures.

This report provides an overview of property-casualty claims administration systems available in North America. It profiles 33 core claims solutions, offering insights into their functionality, customer bases, supported lines of business, technology, implementation, pricing, and support. The included vendors are: Appian, BriteCore, Cogitate Technology Solutions, Inc., DOCOsoft, Duck Creek Technologies, DXC Technology, EIS, Five Sigma, Guidewire Software, Insurance Systems Inc., Insuresoft, Insurity, JW Software, Majesco, NettShield, Inc., OneShield Software, Origami Risk, PCIS, PCMS, Quick Silver Systems, Inc., Salesforce.com, Sapiens, SimpleSolve Inc., Spear Technologies, TCS, Ventiv Technology, and Verisk. Some vendors had more than one product evaluated.

The aim of this publication is to assist insurers in defining their core system requirements and creating a shortlist of vendors for evaluation. With expanded claims functionality and improved technology, insurers have a wide range of systems and vendors to consider that align with their needs. Insurers are encouraged to contact the authors through analyst access for further insights into the vendors and solutions.

In addition to this report, a companion report was being produced that in the past had been rolled into this report. Coming out alongside this one is “So You Want to Buy A Claims System”, which outlines the latest developments in functional and technical capabilities in claim systems, along with a glossary and key components guide.

Technical Capability Matrix

This report also includes the Technical Capability Matrix. We have placed each solution into one of five categories based on the sophistication and breadth of its technology and functionality (i.e., plotting the A and B dimensions). Solutions are not ranked within the assigned category; they are listed alphabetically.

Luminary: Excels in solution capabilities; generally has a leading market presence.
Technology Standout: Excels in technology modernity, although often without the same depth of features as leading competitors. Frequently newer, these solutions have chosen a focused set of functions with which to begin their journey.
Functionality Standout: Excels in functionality and likely to have a large installed base. Often more established, these solutions have built out a robust set of features over many years.
Noteworthy Solution: Potential challengers to the more established competition. They may occupy a niche place in the market, whether by targeted use case, sector-leading features, client size, or geography.
Developing Solution: Typically new to the market. They may have the potential to mature into a market challenger.

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