Insurers Replacing Distribution/Compensation Management Systems as Part of Modernization Strategies
Benefits include improved efficiency of operations, functional capabilities, data management, and efficiencies through automation
Novarica Profiles 10 Vendor Solutions
Boston, MA (July 16, 2019) – The replacement of distribution/compensation management (DCM) systems can be a strategic move on the part of insurers to decouple capabilities from core policy administration systems as a mechanism for risk mitigation in large modernization projects. Key capabilities that insurers are looking for include “straight-through appointment” capabilities, producer management analytics, mobile support, and the use of CRM solutions. Additionally, there is growing interest by P/C insurers in DCM products.
In its latest Novarica Market Navigator, Distribution/Compensation Management Systems, research and advisory firm Novarica provides an overview of the available stand-alone distribution and compensation management systems currently available to US insurers, as well as detailed profiles of 10 vendor solutions
“For insurance carriers looking to maximize top-line growth and bottom-line earnings, the distribution and compensation (more than commissions) space is an area of increasing importance for overall comprehension and strategic investment,” said Chuck Gomez and Deb Culliton, Vice Presidents of Research and Consulting and authors of the report. “Insurers have an increasingly rich vendor market to select from when considering providers of distribution/compensation management solutions. Modern solutions are maturing, giving carriers better options than ever before.”
Distribution/Compensation Management Systems (Novarica Market Navigator)
A preview of the brief is available online.
Summary
This report provides an overview of the available stand-alone distribution and compensation management systems currently available to US insurers. The report contains profiles of each of ten 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: Duck Creek, DXC, Ebix, IBM, Infosys Limited, Majesco, Policy Administration Solutions, SAP, and Vertafore.
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: Duck Creek, IBM, Majesco, Novarica, SAP, Vertafore Read the original article at Insurance-Canada.ca