North American Insurance Software Deal Trends, 2014 Property & Casualty Edition
Insurance deal activity grows with continued investment in core systems.
In the report North American Insurance Software Deal Trends 2014, Property & Casualty Edition, Celent analyzes deal data provided by software vendors active in insurance in North America. A close look at overall 2012 and 2013 deals that fall into each metacategory and subcategory shows an increase in insurance software purchase. This year’s report shows strong sales in 2012 and 2013. Deals in 2013 grew compared to 2012, and a like-on-like comparison to the last two years’ results shows that most vendors saw double-digit increases in deal volumes.
The report breaks down deal activity by carrier size, type of deal, four broad metacategories (core processing, distribution, infrastructure and financial, and document/content management), and a number of subcategories. Data from previous Deal Trends reports are used to look at longer-term trends, and leading vendors for each metacategory are identified.
Based on vendor-provided data, the report also names leaders in the Celent Traction Index, which is an indicator of which companies are finding success in the insurance vertical.
“Increased investment in core systems was clearly reflected in the deal data,” says Mike Fitzgerald, Senior Analyst with Celent’s Insurance group and coauthor of the report. “This activity reflects the priority that insurers are placing on improving underwriting, claims, and billing capabilities.”
“Deal volume increased 44%,” says Karen Monks, Analyst with Celent’s Insurance group and coauthor of the report. “These veteran vendors from our past reports have been effectively selling new products to their existing clients and making progress in selling to new logos.”
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
Property & Casualty Deals
Deals by Subcategory
Deals by Carrier Size
Life/Annuity, Health, and Property & Casualty
Deals by Customer Relationship Type
Deals by Relative Deal Size
Measures of Insurance Traction
An Improving Market — For Many Vendors
Property & Casualty Results
By Metacategory and Quarter
By Size and Metacategory
Property & Casualty Metacategory Leaders
Infrastructure and Financial
Appendix: Vendors Included in This Report
Leveraging Celent’s Expertise
Support for Financial Institutions
Support for Vendors
Related Celent Research