This year has seen continued interest in core systems replacement among property/casualty insurers. In the unique and competitive specialty, excess, and surplus markets, insurers require a policy administration solution that can accommodate an ever-changing set of product configurations and operating models. In a new report, Policy Administration Systems for Specialty, Excess, and Surplus Insurers, Celent examines the vendors that serve specialty insurers in the US/Canada, Bermuda, European, and London markets.
Celent defines specialty insurance as covering complex and/or unusual commercial risks. The five broad functional areas found in policy administration systems for specialty lines-underwriting desktop, rating engine, policy administration, billing, and outward (or ceded) reinsurance-are also found in any complete, modern policy administration system. What differentiates the policy administration systems in this report is their ability to meet the unusual product configuration needs of specialty, excess, and surplus lines of business.
"By their nature these markets require a high level of agility among insurers competing in them. One insurer's catastrophe is another insurer's opportunity. Insurers participating in these markets require a policy administration system that accommodate an ever-changing set of product configurations and operating models," explains Donald Light , a senior analyst in Celent's insurance group and one of the authors of the report.
"Celent expects vendor selection activity by insurers and development of solutions by vendors to continue at a substantial pace over the next several years," says Catherine Stagg-Macey, a senior analyst in Celent's insurance group and another author of the report.
One of the most comprehensive guides available on vendors in the specialty insurance sector, this report provides individual profiles for each solution that covers company background, geographies served, client base, product features, lines of business supported, and technology stack. It features 27 vendors. The report also provides graphics with a comparative view of vendors in each geography for quick reference.