Claims administration systems are being replaced at an increasing pace in the insurance industry according to research from Novarica (www.novarica.com), a research and advisory firm.

While many carriers have already upgraded and others are in the middle of a claim replacement project, Novarica research shows the majority of carriers are in the planning phase for a core claims system replacement.

Novarica's new report, “Novarica Market Navigator: Property/Casualty Claims Solutions 2011” is designed to help insurance CIOs navigate the marketplace of standalone claims software providers, profiling over 30 vendors.

“Traditionally, claims handling has been a very labor-intensive process for carriers with lots of paper, handoffs, and relationships to manage.” says Karlyn Carnahan, principal at Novarica. “Today, carriers have a broad choice of claims solutions available that support automated processing and management of claims functions.”

Generally, modern claims systems provide integrated workflow management and task or process management and most come with some level of document generation and document management, adds Carnahan.

“User interfaces have dramatically improved with easily navigable screens and easy-to-find contextual help,” she says. “Adjuster portals, wizards to open new claims, scripting, and recursive questioning all allow carriers to create very intuitive processes and deliver consistent service. With these kinds of features, it is no wonder that we are seeing a continuing interest in replacing core claims systems.”

Based on a recent survey of members of the Novarica Insurance Technology Research Council, over 30 percent of respondents say that claims is one of the top three projects they are focusing on for 2011, reports Carnahan.

“This highlights the degree to which carriers are investing in new claims functionality,” she says.

Companies and products profiled in the report include Accenture, AGO Insurance Software, Aon eSolutions, BlueWave Technology, Brightwork, CGI, CS STARS, CSC Advanced Claims, CSC Exceed Claims, CSC RiskMaster, David Corporation, DRC, Exigen, Fineos, Finys, Guidewire, Innovation Group, ISCS, JW Software, LexisNexis, MajescoMastek, Maximum Processing, Oracle, Paradox Technology Solutions, PCIS, Ravello Solutions, SAP, StoneRiver Claims Workstation, StoneRiver PowerSuite, Systema, TCS, Tropics Software Technologies, and Wyde.

An outline of the report is available online at http://www.novarica.com/report_pcclaims_2011/. The report is free to Novarica insurance clients.

Special Reports /

Novarica Research Shows P&C Carriers Investing in Claims Solutions

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