More than half of property/casualty insurers using a stand-alone loss control and premium audit system say the primary reason for purchase is to improve the customer experience, with improving process efficiencies the next most common reason, followed by improved underwriting and better transparency and control of the process, according to a new report by Celent.
Celent, a global research and advisory firm focused on technology for financial institutions, released a study of vended loss control and premium audit solutions in a report called Property Casualty Loss Control and Premium Audit Systems – North America: 2021 Spectrum Report: Powered by VendorMatch
The report was designed to help insurers define their core requirements for loss control and premium audit systems, and can be used as a first step toward creating a short list of vendors for evaluation. Expanded loss control and premium audit functionality and improved technology mean that insurers continue to have a spectrum of systems and vendors to consider when they are looking for a solution to fit their needs. Celent research subscribers can leverage their access to the author through analyst access calls to learn more about the vendors.