Insurance Software Deal Trends 2005-2006 - Life/Health Edition

by Craig Weber, June 8, 2007

Abstract

Boston, MA, USA June 8, 2007

Insurance Software Deal Trends 2005-2006

Reports Published by Celent

Fourth edition of report suggests that insurance carriers are active software buyers.

The results of Celent's fourth annual deal trends study show that life/health and property/casualty carriers are seeking software to help them solve business problems across all key business functions.

"Core systems and document management are particular focus areas," says senior analyst Craig Weber, author of the latest Celent reports, Insurance Software Deal Trends: 2005-2006. "But most carriers are looking for ways to improve services and operational efficiency across the board."

Weber notes that the average number of deals by quarter rose 42% from 2005 to 2006. "No one is standing pat in this environment, which means that we should see significant advances in service and efficiency over the coming year," he adds.

The report (available in Life/Health and Property/Casualty editions) examines 1,405 deals from 92 vendors. The deals are analyzed by category, customer type, and other factors. The following are examples of major findings detailed in the report:

  • Comparing 2006 to 2005, the average number of deals per quarter rose in all four metacategories.
  • The total pool of deals was distributed fairly evenly across each of the five carrier tiers defined for this report.
  • Forty-three percent of the deals analyzed were between vendors and totally new customers.

A table of contents for both reports is available online. Click here for the life/health edition, here for the property/casualty edition.

Members of Celent's Insurance research service can download the report electronically by clicking on the links below. Non-members should contact info@celent.com for more information.

» Life/Health Edition » Property/Casualty Edition.

 

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

Boston, MA, USA June 8, 2007

Insurance Software Deal Trends 2005-2006: Life/Health Edition

Executive Summary 3
Introduction 4
About This Study 5
  Goal 5
  Methodology 5
  Scope 6
  Limitations 7
  Categories Used 8
  Carrier Tiers 11
Overview 12
  Deals by Carrier Size 13
  Life/Health Versus Property/Casualty 14
  Deals by Metacategory and Sector 14
  Customer Type 15
  Traction in Insurance 17
  Key Findings 19
Life/Health Results 20
  By Metacategory and Quarter 20
  By Size and Metacategory 21
  Deal Categories 22
  Key Findings 23
Core Processing 24
Distribution 27
Document Management 29
Infrastructure 32
Concluding Observations 34
Appendix: Vendors Included in This Report 35
Objectivity and Methodology 40

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