It's a great time for P&C carriers to be considering a new policy administration system, as features critical to return on investment, such as customer relationship management and data mining, become relatively standard features in these systems, according to Boston-based Celent Communications. In a report released this week designed to help insurers understand the marketplace, Celent cites additional incentives: a drop in prices, faster implementations, and more plentiful vendor options.
"Since 2003, the landscape has changed significantly for P/C policy administration systems," notes Chad Hersh, Celent senior analyst and author of the report.
Hersh reports first year total cost of ownership has dropped significantly. "This is in lockstep with a major influx of newer technologies such as .NET, Java, SOA, Web services, and ACORD XML," says Hersh. "Implementation times have grown shorter as vendors make use of new technologies and their own improved experience levels. A number of vendors have cropped up in the last few years that have survived and even thrived. The majority of solutions are considerably better today at what they do today than they were two years ago."
Source: Celent Communications LLC
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