Sales of P&C claims systems in North America will continue at a steady pace during the mid-2014 to mid-2016 period, according to Celent, a research and advisory firm.
In a new report titled Deal Trends and Projections in the P&C Claims Market: 2015 North American Edition, Celent analyzes deal activity for new core claim systems in North America using data from 12 vendors which reported their sales in two prior two-year periods. The report also estimates the new deals in the mid-2014 to mid-2016 period.
The report is authored by Donald Light, a research director with Celent’s Insurance practice.
Deployed core claims systems, as reported by vendors responding to Celent RFIs, are found predominantly, by count, among small and midsize insurers.
“While many insurers have already replaced legacy systems, there is a significant number which have not,” says Light. “The same business drivers which have influenced purchase decisions will continue. These include the need to control loss adjustment expense, the importance of reducing claims leakage, and thereby the loss ratio, and the focus on claimant experience. Claim system vendors continue to invest in their systems and are providing technology which facilitates meeting all three goals.”
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