Claims System Spectrum: APAC P&C Insurance 2016

by KyongSun Kong, December 30, 2016
Vendor Reviews
Asia-Pacific

Abstract

Celent has released a new report titled Claims System Vendors: APAC P&C Insurance 2016. The report was written by KyongSun Kong, an Analyst with Celent’s Insurance practice.
 
This report presents Celent’s 2016 survey and evaluation of core claims systems offered to APAC property & casualty insurers. The report profiles 10 vendors and how each core claims system gathers and processes information regarding the underlying policy and coverages, the claim, and the claimant.

The survey will show most vendors have the capability to deploy their solutions to the cloud.
 
“In APAC as well as in other regions, few carriers are doing nothing when it comes to claims. Many are engaged in some level of replacement of the claims admin system,” commented Kong.

“Reasons are plentiful. Legacy claims systems are aging, and they struggle to support claims of newer and more complex products. At the end of the day, legacy systems translate into adding more resources, both human and financial, to maintain those systems,” she added.

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].

Media Contacts

North America
Michele Pace
mpace@celent.com
Tel: +1 212 345 1366

Europe (London)
Chris Williams
cwilliams@celent.com
Tel: +44 (0)782 448 3336

Asia (Tokyo)
Yumi Nagaoka
ynagaoka@celent.com
Tel.: +81 3 3500 3023

Table of Contents

Executive Summary

1

Introduction

2

Core Claims Systems: Definition and Functionality

5

Report Methodology

11

Duck Creek Technologies LLC: Duck Creek Claims

12

EIS Group, Inc.: ClaimCore

19

Fadata EOOD: INSIS Claims

24

Guidewire Software Inc.: Guidewire ClaimCenter

30

Majesco: Majesco Claims

38

NIIT Insurance Technologies Limited: Advantage Suite Navigator 

44

SAP SE: SAP Claims Management

49

Sinosoft Co., Ltd.: General Claims Management System

54

Tata Consultancy Services: TCS BaNCS for Insurance

60

TIA Technology A/S: TIA Claims Solution

68

Concluding Thoughts

73

Leveraging Celent’s Expertise

74

 

Support for Financial Institutions

74

 

Support for Vendors

74

Related Celent Research

75

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