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
Based on requests for information from CMS vendors, “
“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:
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The CMS applications also are rated on the following criteria:
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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.
