Rating Engines Critical in Helping Insurers Deliver New Products to Market Quickly: Novarica
Stand-alone rating engines can be paired with legacy policy systems to deliver rate flexibility, buying insurers time before modernizing their PAS; Novarica profiles five solutions in new report
Boston, MA (July 21, 2020) – As competitive conditions in the insurance marketplace have insurers evaluating all aspects of their delivery life cycle, rating engines play a critical role in helping insurance companies deliver new products and enhancements to market. In Property/Casualty Rating Systems, research and advisory services firm Novarica provides an overview of the current solution provider marketplace for rating systems available to US property/casualty insurers, as well as profiles of five stand-alone vendor solutions.
“Insurers can acquire rate development and deployment capabilities in two ways,” said Kevin Rall, Vice President of Research and Consulting, and co-author of Novarica’s new report. “Through a stand-alone rating engine or by using the native rating engine offered in most modern policy administration solutions. As digital capabilities proliferate, a well-architected, high-performing, and integrated rating engine will be the cornerstone of every customer experience.”
Each profile summarizes the vendor organization, technology used, differentiators, client base, lines of business supported, deployment options, implementation approaches, upgrades/enhancements, and key functionality. Vendors profiled include: CGI, ClarionDoor, Decision Research Corporation, Duck Creek Technologies, and Oracle.
Click here for the table of contents or to access the report.
Report Summary
Rating engines play a critical role in helping insurance companies quickly deliver new products and enhancements to market. This report provides an overview of the available rating systems for US property/casualty insurers. The report contains profiles of five vendor solutions, summarizing the vendor organization, technology used, differentiators, client base, lines of business supported, deployment options, implementation approaches, upgrades/enhancements, and key functionality.
Vendors included: CGI, ClarionDoor, Decision Research Corporation, Duck Creek Technologies, and Oracle.
Click here for the table of contents or to access the report.
About Novarica
Novarica helps more than 100 insurers make better decisions about technology projects and strategy through retained advisory services, published research, and strategy consulting. Its knowledge base covers trends, benchmarks, best practices, case studies, and vendor solutions. Leveraging the expertise of its senior team and more than 300 CIO Research Council members, Novarica provides clients with the ability to make faster, better, more informed decisions. Its consulting services focus on vendor selection, custom benchmarking, project checkpoints, and IT strategy. For more information, visit www.novarica.com.
Source: Novarica
Tags: CGI, core systems, Core Systems Modernization, Duck Creek, legacy system replacement, legacy systems, Novarica, Oracle, Property/Casualty (P&C) insurance, United States (USA)
Read the original article at Insurance-Canada.ca