Policy Administration Systems Overview: 2005

January 6, 2005

Abstract

New York, NY, USA January 6, 2005

Between 2004 and 2008, Celent anticipates that North American insurance carriers will have spent more than US$1.4 billion on policy administration systems (PAS), a large increase from previous years.

In a new report, , Celent examines the North American PAS market. It looks at the market trends for administration systems and integrated admin suites today and tomorrow, predicting a surge in growth over the next few years, especially for property/casualty systems.

The report discusses the business drivers behind PAS purchases, including regulatory/compliance factors, product flexibility/speed-to-market, cost reduction, Web enablement of systems, consolidation/integration of systems and servers, and business process flexibility/improvement.

"Policy administration system vendors are seeing a rising tide of activity," says

Chad Hersh, a senior analyst in Celent痴 insurance practice and author of the report. "We池e just now seeing the tip of the iceberg, with spending set to increase by hundreds of millions of dollars over the next few years."

Three upcoming reports will profile vendors of policy administration systems for life/health (including annuities), personal lines property/casualty, and commercial lines property/casualty.

The 22-page report contains six figures and two tables. A

table of contents is available online.

of Celent Communications' Life/Health Insurance and Property/Casualty Insurance research services can download the report electronically by clicking on the icon to the left.  Non-members should contact info@celent.com for more information.

        

Send mail to info@celent.com with questions or comments about this Web site.

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

 

New York, NY, USA January 6,  2005

Policy Administration  Systems Overview: 2005

Return to report Abstract

 

EXECUTIVE SUMMARY 3
INTRODUCTION 5
BUSINESS DRIVERS 6
  Regulatory/Compliance 6
  Product Flexibility/Speed-To-Market 7
  Cost Reduction 8
  Web Enablement 8
  Consolidation/Integration 10
  Business Process Flexibility/Improvement 10
  Summary of Key Business Drivers 11
CASE STUDY: ELECTRIC INSURANCE COMPANY 12
MARKET OVERVIEW 13
MARKET SIZE ESTIMATES 15
  Life/Health 15
  Property/Casualty 19
CONCLUDING THOUGHTS 19
OBJECTIVITY & METHODOLOGY 21

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