The insurance market is the sector that is facing the most disruption from the digital revolution: consumer habits have changed, new technologies have led to the convergence of traditional and new media, and supplying and monitoring insurance projects must increasingly meet reliability, efficiency, speed and simplicity criteria.
Every two years, Celent, a division of Oliver Wyman, reviews vendor systems in the insurance software market. Celent has developed an ABCD framework for evaluating vendors. This is a standard representation of a vendor marketplace designed to show at a glance the relative positions of each vendor in four categories: Advanced and agile technology, Breadth of functionality, Customer base (i.e., relative number of customers), and Depth of client services.
RGI has achieved another important milestone by winning the 2018 Celent Customer Base award with PASS_Insurance as part of their 2018 review of personal, commercial and speciality policy administration systems in Europe, the Middle East and Africa. RGI PASS_Insurance is a comprehensive component-based core system which supports the entire insurance cycle with multi-company, multi-territory, multi-currency and multi-language capabilities to allow processing capabilities in core insurance areas including policy administration, product design, new business underwriting, billing, Life, Non-Life, claims and distribution management.
The platform is capable of combining all the main business lines and processes with a flexible underwriting and distribution solution, helping the insurer to adapt to changes in the market in the fastest and most efficient way possible.
“PASS_Insurance has grown up in a highly digital and challenging market” said Nicolas Michellod, Senior Analyst at Celent. “The tool is clearly a strong fit for insurers in countries around Europe that are facing similar challenges”.
“We are delighted that PASS_Insurance has been chosen, among other solutions, by the majority of insurers in the Non-life business in EMEA, with over €21 billion of annual premium income managed. Through this we have digitalised the business of over 100 insurers and over 300 brokers” said Elena Pistone, Marketing, External Relations and Intermediaries Director of RGI.
“With this award we have once again demonstrated our ability to support insurers during the digital transformation process, to act as an important point of reference in the digital insurance world and to keep growing in EMEA” concluded Elena Pistone.
Celent’s report provides an overview of the digital solutions available in Europe, the Middle East and Africa for insurers working in the Non-life business.
Nicolas Michellod of Celent, an expert in the European Insurance Market, spoke on this matter during the last Annual Assicurazioni, the leading conference in the Italian insurance sector.