Policy Administration Systems for Specialty, Excess, and Surplus Insurers: A Global Solution Spectrum

by Catherine Stagg-Macey,  Donald Light, August 6, 2008

Abstract

London, United Kingdom 4 September 2008

Policy Administration Systems for Specialty, Excess, and Surplus Insurers

Celent provides a detailed look at 27 policy administration system vendors for specialty, excess, and surplus lines of business from around the globe.

This year has seen continued interest in core systems replacement among property/casualty insurers. In the unique and competitive specialty, excess, and surplus markets, insurers require a policy administration solution that can accommodate an ever-changing set of product configurations and operating models. In a new report, Policy Administration Systems for Specialty, Excess, and Surplus Insurers, Celent examines the vendors that serve specialty insurers in the US/Canada, Bermuda, European, and London markets.

Celent defines specialty insurance as covering complex and/or unusual commercial risks. The five broad functional areas found in policy administration systems for specialty lines...underwriting desktop, rating engine, policy administration, billing, and outward (or ceded) reinsurance...are also found in any complete, modern policy administration system. What differentiates the policy administration systems in this report is their ability to meet the unusual product configuration needs of specialty, excess, and surplus lines of business.

"By their nature these markets require a high level of agility among insurers competing in them. One insurer’s catastrophe is another insurer’s opportunity. Insurers participating in these markets require a policy administration system that accommodate an ever-changing set of product configurations and operating models," explains Donald Light, a senior analyst in Celent’s insurance group and one of the authors of the report.

"Celent expects vendor selection activity by insurers and development of solutions by vendors to continue at a substantial pace over the next several years," says Catherine Stagg-Macey, a senior analyst in Celent’s insurance group and another author of the report.

One of the most comprehensive guides available on vendors in the specialty insurance sector, this report provides individual profiles for each solution that covers company background, geographies served, client base, product features, lines of business supported, and technology stack. It features 28 vendors. The report also provides graphics with a comparative view of vendors in each geography for quick reference.

The 55-page report contains six figures and 55 tables. A table of contents is available online.

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

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

London, United Kingdom 4 September 2008

Policy Administration Systems for Specialty, Excess, and Surplus Insurers

Executive Summary 3
Introduction 4
Definitions and Elements of a Complete Policy Administration System 5
Report Methodology 7
  Profiled Vendors 7
  Terminology 8
An Overview of the Solution Spectrum 9
Vendor Profiles 13
  Accenture: Accenture Insurance Solution (AIS) 13
  Camilion Solutions: Authority Suite 14
  CGI Technologies and Solutions: CGI Edge 16
  Comtec: Total Insurance System (TIS) 17
  Computer Sciences Corporation: POINT IN 19
  DAVID Corporation: NavRisk Policy 20
  Duck Creek Technologies: Policy Administration 22
  Ebix: INFINITY 23
  Eurobase International Group: Synergy 25
  Genasys: Software Key to Insurance (SKI) 27
  Insurity: Policy Decisions 28
  Intech: Open+ 29
  ISCS, Inc.: SurePower Innovation 31
  Maple Technologies: Aspire Information System 32
  Mi Ltd: Trader 34
  OneShield: OneShield Dragon 35
  Oracle: The AdminServer Policy Administration System 37
  Oracle: Insure3 Policy 38
  Prima Solutions: Prima Vanilla 40
  ROOM Solutions: Subscribe 41
  Sequel: Eclipse 43
  SISTRAN: SISE 44
  Software in Partnership Limited: JIGSAW Insurance 45
  SSP: Sirius For Insurance 46
  SunGard: iWORKS FrontTier 48
  Target Harlosh: InsuranceFaces 49
Emerging Solutions 51
  Decision Research Corp.: DecisionMaker Suite with Extended Lines 51
Conclusions 53

 

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