Finding something to give insurance carriers a competitive edge in today's economy might be difficult, but for claims professionals, the choices are both varied and enabling. Indeed, the market is spurring vendors to sink some money into creating significant upgrades, according to one leading industry analyst.
"Vendors see a good deal of sales activity of insurance companies licensing and implementing claims systems," according to Donald Light, a senior analyst at Celent.
"One other factor is good, old-fashioned competition," he added. "What may have been middle-of-the-pack functionality along various dimensions three years ago is falling toward the rear of the pack today without a significant investment in upgrading. It's a bit of a self-reinforcing phenomenon, which works as long as insurance companies keep buying."
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