Celent has some advice to share with any insurer seeking a new core claim system: Begin the process by looking inward. In its new report titled "Core Claims Systems Vendors 2008," the Boston-based financial research and consulting firm acknowledges that there is no single best claim solution for all insurers. Rather, there are a number of viable solutions for an insurer with almost any set of requirements.
"Every insurer has its own unique mix of lines of business, geography, staff capabilities, business objectives, and financial resources," said Donald Light, senior analyst with Celent's insurance practice and author of the report. "Some vendors are a better fit for an insurance company with a large IT group that is deeply proficient with the most modern platforms and tools. Other vendors are a better fit for an insurance company whose IT group is small and wants vendors to maintain and support their applications."
Since Celent published its first claim vendor report in 2006, insurers have continued to replace legacy claim systems at a substantial pace.
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