03 March 2008
P/C BILLING SYSTEMS MOVE UP-MARKET
NEW RESEARCH FROM NOVARICA SHOWS ACTIVE VENDOR MARKET IN ALL SECTORS OF P/C INSURANCE
Billing is the most frequent touch-point that most insurers have with their customers, and creating positive customer experience in billing has become a competitive necessity. "Insurers need to support multiple channels, new payment methods, and more flexible plans that allow different segments and distribution channels to serve their markets effectively," notes Matthew Josefowicz, director of the insurance practice at research and advisory firm Novarica. "Unfortunately, legacy billing systems are often not up to the job."
The market for billing systems has expanded over the past two years -- there are now 12 major systems vendors offering solutions, of which five are either new entrants or recent acquisitions of small companies by larger players that are giving them more market momentum and credibility. And unlike other classes of enterprise insurance software where the market is active only among smaller companies, many of the current vendors have successfully proven their solutions at the largest companies.
Novarica's latest report, Novarica Market Navigator: US P/C Billing Systems 2008 (Q1), is designed to help interested P/C insurers rapidly understand their options in this market. The report is based on factual responses to a universal RFI distributed by Novarica, and subsequent conversations with the vendors to validate and confirm responses. The RFI covers details of organization, technology stack, client base, and key functionality.
The report includes information about the following vendors:
- AMS Services
- CSC (Computer Science Corp)
- DRC (Decision Research Corp)
- Fiserv
- Guidewire
- Insurity (Choicepoint)
- OneShield
- SAP
- Sapiens
- SunGard
- STG (Systems Task Group International)
- TCS (Tata Consultancy Services)
The report also introduces the Novarica Market Navigator(TM) graphic, which provides a visual representation of the current market position of each solution. Unlike many analyst firm graphics, the Novarica Market Navigator is designed to communicate objective factual information rather than subjective opinion. The graphic is online at: http://www.novarica.com/report_billing_nmn.shtml
About Novarica
Novarica provides information, insights, and perspective on markets, operations, and technology to financial services and insurance executives and project teams. The company delivers its service through published research, retained advisory services, and project-based consulting. Novarica?s research includes market and trend analyses, best practices research, case studies, and neutral independent analyses of insurance software vendors. Novarica is an affiliate of Novantas, LLC, the leading management consultancy and information services provider for the financial services industries.
www.novarica.com
Media contact:
Matthew Josefowicz
Director of Insurance Practice
Novarica
+1.212.401.5204
mj@novarica.com