Insurers continue to have a number of functionality and improved technology options when it comes to renewing or replacing billing systems, according to a new report from Celent . In an effort to help insurers refine their systems strategies and, where appropriate, create a list of appropriate vendors for evaluation, the research and consulting firm analyzed 13 systems for the report, “Stand-Alone Billing System Vendors.”
Upon doing so, the firm discovered some trends emerging in the market. Generally, what once was a back-office function is becoming consumer/agent facing. And, because of this insurers must make some changes to investments in technology. “We believe that core system renewal initiatives are necessary to help the industry address growth, service and distribution imperatives,” the report states.
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