Claims System Vendors: Latin American P&C Insurance 2014
Claims administration is an essential part of the insurance promise, for coverage in the event of a loss. Indemnity, which is the financial side of this equation, is of extreme importance, so traditionally claims administration systems have focused on this aspect. More recently, claims administration has incorporated the relational aspect of the equation. The relationship starts with the customer but goes beyond, to include the entire ecosystem involved in the transaction.
Moreover, claims administration systems should evolve to take advantage of data, including the Internet of Things, and how it can help with prevention, risk management, and customer service. While these aspects are not yet features included out of the box in claims administration systems, at least one vendor is already working on using the power of data as an additional offering.
The final objective is for insurers to look at a claims administration system to solve the entire equation and fulfill the insurance promise with agility, accuracy, and timeliness. In order to better ensure this happens, Celent believes technology must serve as a strategic enabler in the management of this important function.
In the report, Claims System Vendors: Latin American P&C Insurance 2014, Celent provides an overview of the claims administration systems available in Latin America for property & casualty insurance carriers. The report profiles 12 core claims solutions providing an overview of the functionality, customer base, supported lines of business, technology, implementation, pricing and support. This report is targeted to insurers that are looking to improve the efficiency of their claims management processes through technology.
“Few carriers are doing nothing when it comes to claims,” says Luis Chipana, an analyst with Celent’s Insurance practice and coauthor of the report. “Old systems and agility are two concepts that don’t play well together.”
“Our research indicates that one-third of insurers will be replacing their claims administration system,” says Juan Mazzini, a senior analyst with Celent’s Insurance practice and coauthor of the report. “This replacement will be either as a separate component or as part of a larger transformation program.”
This 62-page report contains 24 tables.
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].
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Table of Contents
Core Claims Systems: Definition and Functionality
Accenture: Duck Creek Claims
CS STARS: STARS Enterprise Claims
eBaoTech: eBao GeneralClaim
EIS Group: Claim Core
Fadata: Insis Claims
Guidewire: Claim Center
I4PRO: I4PRO ERP Claims Module
Sistran: SISE 3G
Tata Consultancy Services: TCS BaNCS
TIA Technology: TIA Claims Solution
Xchanging: Xuber Claims
Leveraging Celent’s Expertise
Support for Financial Institutions
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