Core Insurance Software Competitive Landscape

Goals

To obtain a competitive analysis of core insurance software providers.

Early Findings

Our initial research found that the majority of requested information on the core insurance software providers is available. Pricing seems to be unavailable as most of the vendors require a consulation and quote. In addition, revenue and funding data may be estimated if the company is private. Pros and cons were leveraged from customer reviews on Gartner. The information for Insurity and Majesco has been entered into the attached spreadsheet.

Insurity

  • Insurity, founded in 1985, offers policy administration software and full-service solutions to insurance carriers of all sizes in the property & casuality insurance market on a global scale.
  • Insurity has received $49,800,000 funding to date and has an estimated revenue of $100,000,000.
  • Clients include Zurich, Nationwide, QBE, Everest, Munich RE, Arch, and Advent Risk Management.
  • Functionality includes claims, billing, policy administration, and data and analytics.
  • Pros include a powerful core insurance workflow engine. Cons include limited team communication abilities.

Majesco

  • Majesco, founded in 1982, offers core insurance software and consulting services across the entire insurance value chain including P&C, L&A, and employee benefits.
  • Majesco revenue for 2018 was $122,985,000.
  • Clients include Hansard Global, MetLife, Stillwater Insurance Group, New York Life, Police Mutual, and Hallmark Financial.
  • Functionality includes policy management, new business / underwriting, rating, billing, claims management, distribution management, BI/ analytics, and predictive modelling.
  • Pros include superb IDE, strong delivery team, outstanding MVP implementation. Cons include challenging implementation, limited scalabilitiy, and immature APIs.

Proposed next steps:

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