Motivated by tougher competition, regulatory reporting, compliance requirements and the need to become more customer-centric, many property/casualty insurers are updating their strategies and replacing legacy claims management systems (CMS) with a single CMS that can support personal, commercial and specialty product lines from a single platform, according to a new report from Aite Group.

Based on requests for information from CMS vendors, “Claims Management Systems for Top-Tier and Multi-line North American P&C Insurers: Changing of the Guard” examines, profiles and rates claims management systems for top-tier and multi-line property/casualty insurers in North America.

“New demands upon P&C carriers have fundamentally changed their approach to how they manage claims and their business in general,” said Stephen Applebaum, senior analyst with Aite Group and author of this report. “The ‘old guard’ of core claims system vendors, still well-entrenched among top-tier carriers, has not been the major beneficiary of the current market demand for systems that best address carrier needs."

In addition to modern architecture, modularity, configurability, flexible delivery and pricing options, most new CMS acquisitions also are based on their ability to support new industry imperatives, including:

Claims excellence through customer-centricity and business analytics

Improved compliance and reporting

Multichannel customer distribution and engagement

Enterprise-wide customer information availability

The CMS applications also are rated on the following criteria:

Basic features/functions

Next-generation features/functions

Overall user experience

Line-of-business coverage/suitability

Professional services skills/resources/support

System performance

Integration capabilities

Total cost of ownership

Profiled CMS vendors in the report include: Accenture (Accenture Claim Components), CSC (RISKMASTER Accelerator), Exigen (Exigen ClaimCore), Guidewire (Guidewire ClaimCenter), Innovation Group (Insurer Claims), SAP (SAP Claims Management), and Stone River (Claims Stream). It also mentions Cover-All, FINEOS, Systema, and TCS.

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