NU Online News Service, June 8, 2:56 p.m. EDT
Novarica, a research and advisory firm, said a survey has found a large number of insurance executives think they purchased the right software, but many have doubts.
The New York based company said its poll found 59 percent would re-purchase the software products they currently use, but the remaining 41 percent of executives either held muted enthusiasm or outright regret over their purchase. Nine percent said they would be unlikely to make the same decision again.
In a statement, Matthew Josefowicz, director of the insurance practice at Novarica, said, "Clearly there is room for improvement, both in insurer's abilities to select partners that will deliver strong business results, and in vendor's products and capabilities."
"We recommend that insurers be careful to look beyond feature/function mixes and technology stacks and carefully consider their potential vendors' track records in getting clients live, delivering measurable business results, and enhancing their products to keep them current," he added.
The survey was part of the company's "Insurance Technology Vendors Report Card 2009: Understanding Insurers' Experience with Technology Vendors" presented during this week's Insurance Accounting and Systems Association (IASA) Conference in Orlando, Fla.
The survey results analyzed the total response of 285 insurance executives who completed surveys for Novarica ACE (Average Customer Experience) Rankings. The survey quantifies the experience of customer experience with specific technology products, ranging from policy administration systems to document management solutions and every in between.
The report, and individual rankings on more than 30 different products, is available online at www.novarica.com/acerankings.shtml.
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