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September 22, 2006 Innovation Group's BPMS For Insurance Offering: Good Now, But What About Later?The Forrester Wave™ Vendor Summary, Q3 2006by Marc Cecere, Craig Le Clair, Colin Teubner with Connie Moore, Jamie Barnett |
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Executive Summary
Innovation Group is a Strong Performer in human-centric business process management suites (BPMS) for insurance and is a good example of an insurance system provider that has a BPMS offering (in contrast to a BPMS vendor that is targeting the insurance market). As such, Innovation Group is the only vendor Forrester evaluated with a product dedicated to the insurance market. Innovation Group has used its BPMS to integrate the multitude of aged information systems that support policy administration functions — a goal for many insurance companies interviewed by Forrester. Innovation Group's key strengths are its knowledge of insurance-specific business processes, insurance-related features, and tight integration with insurance information systems. However, its BPMS capabilities are limited to features important to insurers that use these information systems — at the expense of features like simulation, business-facing process design tools, and optimization — resulting in a less-than-complete BPM suite. The challenge for Innovation Group (and other insurance-centric BPMS providers) is keeping pace with pure-play BPMS vendors as they enhance domain expertise, insurance interfaces, and BPMS capabilities for the horizontal market.
This is an excerpt
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