Today, Forrester published its first-ever evaluation of the technology that gets consumers back to normal after an insurance claim. The combination of COVID and catastrophes has hit property and casualty (P&C) insurers especially hard, driving more and more complex consumer and commercial claims. The efficiency of the process and the experience delivered to both the claimant and the ecosystem that helps them recover depend on the capabilities of claims management systems.
In “The Forrester Wave™: P&C Claims Management Systems, Q4 2020,” we looked at 13 leading vendors in the marketplace and evaluated them across 28 criteria. The report shows how each provider measures up and helps insurance claims technology professionals select the right one for their needs.
Our assessment produced two Leaders in today’s market: Guidewire Software and Tata Consultancy Services. We found that Leaders differentiate themselves by:
- Increasing the smarts of claims decisioning with AI capabilities.
- Boosting adjuster productivity with an intelligent workbench.
- Extending the claims chassis with APIs and microservices.
An additional seven vendors — Duck Creek Technologies, Riskonnect, Origami Risk, DXC Technology, Majesco, Snapsheet, and Sapiens — are Strong Performers; BriteCore, Insurity, and EIS are Contenders; and OneShield is a Challenger. As insurers aim to remove friction — and expense — from the claims experience, smart investments in modernizing claims capabilities will be essential. If you want to benchmark your current monitoring tool portfolio against the current industry-leading platforms or are looking for a new solution, this Forrester Wave is the best starting point.
Want to learn more? Check out these recent reports (subscription required) or click to book an inquiry:
- Read how one insurer used computer vision to improve the claims experience and increase adjuster productivity in this report: “Case Study: China Pacific Insurance Transforms Claims Management With Computer Vision.”
- Take a look at the “Now Tech: P&C Claims Management Systems, Q3 2020” report, which includes other vendors that were not included in the Forrester Wave evaluation.
- If you’re a client, schedule an inquiry with me by emailing email@example.com.