09 June 2008
Insurance Policy Administration Systems Market Continues to Mature and Innovate
New Research from Novarica Helps Insurers Navigate a Marketplace That's Expansive and Still Growing
June 9, 2008 - With more than 60 insurance policy administration systems providers now vying for carriers' attention across both property/casualty and life/annuity/health in the US, the market for policy administration systems has never been so large, or potentially confusing to insurers.
A robust market for core systems replacement is the key reason for the exploding vendor population. Novarica's recent CIO survey reveals that policy administration replacement is the number one priority for P/C CIOs today; life//annuity/health carriers' interest in core systems replacement has grown more slowly but still at a steady pace over the past several years.
Novarica's latest reports are designed to help interested L/A/H and P/C insurers rapidly understand their options in this market. The reports are:
- Novarica Market Navigator™: US Life/Annuity/Health Policy Administration Systems 2008 (Q2)
- Novarica Market Navigator™: US Property/Casualty Policy Administration Systems 2008 (Q2)
- Novarica Market Navigator™: US Property/Casualty Policy Administration Systems - Emerging Solutions 2008 (Q2)
The reports include information about 10 emerging P/C solutions, 38 established P/C solutions, and 19 L/H/A solutions, covering the vast majority of vendors in the market today.
"Legacy policy administration systems are strained to the breaking point at many insurers. Fortunately, carriers today are presented with an extremely broad array of choices when it comes to selecting a new policy administration system," notes Chad Hersh, a principal in Novarica's insurance practice, and lead author of the reports.
The reports also feature the Novarica Market Navigator™ graphic, which provides a visual representation of the current market position of each solution. Unlike many analyst firm graphics, the Novarica Market Navigator graphic is designed to communicate objective factual information rather than subjective opinion. The Novarica Market Navigator graphics for this report depict the size of the customer bases of the various solutions, whether those customers are predominantly large or midsize insurers, the lines of business and/or products in production at those customers, and whether the solutions' initial license fees are generally over or under $1 mn. The graphics are online at:
- http://www.novarica.com/img/graphic_lhpas_large.jpg
- http://www.novarica.com/img/graphic_pcpas_large.jpg
- http://www.novarica.com/img/graphic_newpas_large.jpg
(Note to Editors: Permission is given to reproduce these Novarica Market Navigator™ graphics if sourced appropriately)
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
Press contact:
Chad Hersh
Principal, Insurance Practice
Novarica
chersh@novarica.com
+1.512.491.7560