Life Claims 2014: A Global Vendor Spectrum
In its first ever life insurance claims report, Celent provides a detailed look at 18 insurance claims systems marketed across the globe to life insurance companies.
In a new report, Life Claims 2014: A Global Spectrum, Celent looks at stand-alone claims systems available to insurers across the globe. Many vendors market and sell their products in multiple geographies; however, not all vendors can or desire to sell to clients all over the globe.
“This report is intended to help insurers compare claims systems vendors on a wide range of factors such as client base, technology, and available functionality. At the surface many vendors look similar, but it is our intent to help insurers to dig deeper to understand how vendors’ offerings match their requirements both today and for the future,” states Karen Monks, analyst with Celent’s North American Insurance group and coauthor of the report.
“The replacement of legacy life insurance claims systems has not proceeded at a pace comparable to general insurance. A general insurer is 4 times as likely to invest in claims systems as a life insurer. And the majority of the life insurance replacements are components within policy administrations systems which often were sold when the administration system was sold.” says Nicolas Michellod, Senior Analyst with Celent’s EMEA Insurance group and coauthor of the report.
This report profiles the products of each software vendor providing details on clients and geographies in production, features and functionality available, as well as technology. The report also highlights several similarities and differences among the vendors in the areas of type of system (best of breed or stand-alone PAS component) and deployment options. It is Celent’s desire that this vendor spectrum help insurers looking to implement a new claim system by providing the necessary detail to evaluate, at a high level, the vendors in the market.
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].
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Table of Contents
Core Claims Systems: Definition and Functionality
The Life Claims System Vendor Landscape
C2L BIZ Solutions: SymbioSys Claims Management
ClaimVantage: ClaimVantage Claims, Absence Direct, and Absence Plus
Comarch: Comarch Insurance Claims
Diasoft: Flextera Insurance
eBaoTech Corporation: aBaoTech LifeSystem Claims Component
Fadata: INSIS Claims
Fast: Fast Policy Administration Claims Component
FINEOS Corporation: FINEOS Claims
LIDP Consulting Services, Inc.: The Administrator Claims
Mastek Ltd.: Elixir Claims
Mastek Ltd.: ElixirAsia Claims
NTT DATA FA Insurance Systems: FirstLife Claims
Polaris Financial Technology Ltd.: Intellect Claims
Sinosoft Co. Ltd.: Life Insurance Systems Claims
Softronic: ITM Claims
TCP Life Systems: SS/G Claims Manager
Tata Consultancy Services: TCS BaNCS
Leveraging Celent’s Expertise
Support for Financial Institutions
Support for Vendors
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