There are an increasing number of stand-alone claims solutions available on the European market. But given the multitude of options, insurers need to examine their lines of business, geography, staff capabilities, business objectives, financial resources and risk appetite before seeking a new system, Celent recommends. There is no single best claim solution for all insurers. There are a number of good choices for an insurer with almost any set of requirements.
Celent’s recent report, “European Claims Vendors in 2010,” profiles 21 vendors and presents information about each vendor’s claim solution, professional services and support staff, customers (European and elsewhere), basic, enhanced and additional functionality, usability, reports and analytic capability, technology, implementation process and costs.
With so may vendors in the market, Celent warns insurers to really look a details. Some vendors are a better fit for an insurance company with a large IT group that is deeply proficient with the most modern platforms and tools. Other vendors are a better fit for an insurance company that has a small IT group and wants vendors to maintain and support its applications. Some core claims systems bring broad and extensive out-of-the-box functionality that matches an insurer’s lines of business and operating model. Other systems offer powerful configuration tools to build capabilities for both known and future requirements.
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