Incredibly, it has been almost a year since I started writing this column. It has been a year in which I have worked with numerous carriers, visited with many vendors, attended trade shows, and talked with and listened to numerous people who know the property/casualty technology market well. Given the impending new year, I'd like to present a few observations I have found interesting and instructive during the past 12 months.
It has been a banner year for P&C software vendors in general. As various reports from industry analysts have shown, the market for core insurance software has remained strong through 2007 and looks set to continue into 2008. Carriers are buying big-ticket items such as policy, claims, and billing systems as well as tier-two applications such as document management, data warehousing, and workflow systems.
While this is almost exclusively good news for the vendors, it may be mixed news for the carriers. A strong and growing vendor market is good for carriers in a couple of ways: First, a strong market creates more competition among vendors, which is good for carriers in that it creates more choices. In addition, growing, profitable vendors are likely to be more durable, capable, and reliable partners.
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