Deal Trends and Projections in the P&C Claims Market: 2015 APAC Edition

by Karen Monks,  KyongSun Kong, July 30, 2015
Industry Trends
Asia-Pacific

Abstract

Celent believes that sales of P&C claims systems in APAC will continue at a rapid pace during the mid-2014 to mid-2016 period. 

In a new report, Deal Trends and Projections in the P&C Claims Market: 2015 APAC Edition, Celent analyzes deal activity for new core claim systems in APAC using data from 12 vendors which reported their sales in two prior two-year periods. The report also estimates the new deals in the mid-2014 to mid-2016 period.

Vendor claims systems are skewed towards implementations for smaller insurers. Smaller insurers are giving more attention to the modernization of P&C claims system in recent years.

“Currently there are a limited number of vendors in the claims software market,” says KyongSun Kong, an analyst with Celent's Asian Financial Services practice and coauthor of the report. “However, recently Celent has seen an increase in Asia-Pacific vendors offering claims solutions that can be implemented with or without the associated policy administration system. Given this trend, the stand-alone claims deal volumes are expected to grow.”

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 subsidiary 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

 

Key Research Questions

1

Introduction

3

 

Key Research Questions

3

 

Report Approach

4

 

Report Limitations

4

The Asia-Pacific P&C Claims Market

5

 

Implementations by Size of Insurer

5

 

Client Implementations by Country

5

 

Established Vendor Market

6

 

Size of Vendor Client Base

7

 

Deployment Methods

8

Recent APAC P&C Claims Software Deals

9

APAC P&C Claims Market Size Estimates

11

 

Projecting P&C Claims Deals

11

 

Definition of Deal Sizes

12

 

Projecting the P&C Claims Market Size

12

 

Implications

13

Conclusions

14

 

Advice for P&C Claims Vendors

14

 

Advice for Insurers

14

Leveraging Celent’s Expertise

15

 

Support for Financial Institutions

15

 

Support for Vendors

15

Related Celent Research

16

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