Leading software firm one of two vendors named “contenders” in report.
Origami Risk, the industry-leading risk, safety, and insurance Software as a Service (SaaS) technology firm, is rapidly gaining industry recognition for its Core Solutions claims management capabilities for property & casualty insurance companies, pools, MGAs, TPAs and self-insurers.
The new Aite-Novarica P/C Claims Management Systems Vendor Analysis Report (compiled in June) groups Origami among “contenders,” a designation for providers with “substantial customer experience and momentum.” Origami Risk’s claims solution moved to the “contender” category from the “new entrant” category in the 2021 report. This reflects the growth of Origami Risk’s insurer client base and market presence in the insurance industry.
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“As part of our research, we examined several key factors carriers cite for selecting a core P/C claims management system, including highly configurable workflow automation, easy-to-use tools and resources, cloud deployment and SaaS licensing models to simplify implementation, and competitive cost, among others,” said Stuart Rose, strategic advisor, P&C Practice at Aite-Novarica. “Origami Risk has quickly checked nearly all the boxes, which helps explain its fast-growing popularity with these buyers.”
According to the report, “Origami Risk has an extensive client base from its origins in the self-insured and risk-pooled space, but in recent years it has seen rapid growth in the P/C claims market. The solution’s digital capabilities and modern user interface differentiate it in the P/C claims management solution space.”
The report describes Origami’s claims management solution as “… built on a single, multitenant SaaS platform, it is believed to be scalable to support insurers of any size.”
In addition, Origami Risk cited the following as its key differentiators for P&C insurers, pools, MGAs, TPAs and self-insurers:
- Single instance, multitenant SaaS platform ensuring all Origami clients are on the latest claims administration solution
- Robust digital and analytics capabilities utilized by major carriers to manage existing books of business and provide transparency to key stakeholders
- Built-in integration capabilities to efficiently manage new and existing systems and vendor platforms
- Workers’ compensation and other line of business compliance forms, compliance resources, and regulatory information
- Full visibility of clients’ risk through an integrated data model across policy, b******, claims, risk management, and loss control
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Origami’s profile also cited strategic product enhancements made by the firm in the past 12 – 18 months, including: “enhanced platform with low-code configuration tools”; “reinsurance functionality,” and “improved management reporting and predictive analytical model capabilities.”
“We’re excited about the enthusiastic response we’re receiving throughout the insurance industry to our commercial property & casualty claims administration and several of our other core capabilities,” said Christopher Bennett, president, Core Solutions division, Origami Risk. “As we work closely with our growing number of clients across multiple insurer segments, we have maintained a sharp focus on delivering exceptional service while leveraging a team approach with clients to drive a steady stream of game-changing innovation.”
Origami Risk offers a full suite of end-to-end, integrated SaaS solutions for policy, rating, b******, loss control and claims administration, reporting and analytics, along with a comprehensive digital engagement experience for all internal and external stakeholders.
According to the Aite-Novarica Group, the report provides an overview of the property/casualty (P/C) claims management solution market. In addition to being of interest to insurers’ claims professionals and IT executives looking for insights into the P/C claims management solution market landscape, the report is also relevant for claims management vendors looking to understand the direction of the market and evolving buyer needs. The report profiles 24 stand-alone core claims solutions and provides an overview of their key features and capabilities, client base, lines of business supported, strategic partnerships.
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