P&C Stand-Alone Rating Systems
Choice has increased for insurers in the Property & Casualty rating marketplace. Suite administration products have improved their capabilities and a few have functionality that is comparable to stand-alone raters. Some stand-alone packages remain focused on satisfying basic rating calculations, while others have expanded into the management of the entire insurance product. Choosing the right solution is more complex than ever before.
A new report, Stand-Alone Rating Systems for North American P&C Insurers, assists insurers by reviewing 15 rating systems in use for personal, commercial, and specialty products. The report has nine full profiles and six emerging profiles. Using Celent’s ABCD Vendor View, it presents a comparative view of the vendor marketplace that visually represents four elements: Advanced Technology, Breadth of Functionality, Customer Base, and Depth of Customer Service.
"This report helps insurers as they solve their challenges related to rating and product development,” says Mike Fitzgerald, Senior Analyst with Celent’s Insurance Group and author of the report. “This is a comprehensive analysis of the current market that informs the selection of vendor solutions.”
This 112-page report contains 11 figures and 140 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
Stand-Alone Rating Systems: Definition, Functionality, and Trends
Celent’s ABCD Vendor View
Accenture: Accenture Duck Creek Rating
CSC: Exceed Rating Processor
Decision Research Corporation (DRC): GameChanger Rating Enterprise
Insurity Rating Solution
ISO: ISO Rating Service
NetRate Systems, Inc.: NetRate Commercial Lines Rating
Oracle: Oracle Insurance Insbridge Rating and Underwriting
ValueMomentum, Inc.: iFoundry Rating Engine
Leveraging Celent’s Expertise
Related Celent Research