What are our data sources?
We use the data sources on the side for ranking solutions and awarding badges in insurance suites category. Our data sources in insurance suites category include;
Insurance suites are unified solutions that enable insurance companies to manage different aspects of insurance business such as claims processing, underwriting, or premium setting.
If you’d like to learn about the ecosystem consisting of Insurance Suites and others, feel free to check AIMultiple Insurtech.
AIMultiple is data driven. Evaluate 39 services based on
comprehensive, transparent and objective AIMultiple scores.
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We use the data sources on the side for ranking solutions and awarding badges in insurance suites category. Our data sources in insurance suites category include;
review websites
social media websites
search engine data for branded queries
According to the weighted combination of 7 data sources
EZLynx
Socotra
BriteCore
Majesco Enterprise Data Model
Velocity Standard
Taking into account the latest metrics outlined below, these are the current insurance suites market leaders. Market leaders are not the overall leaders since market leadership doesn’t take into account growth rate.
EZLynx
Socotra
BriteCore
Majesco Enterprise Data Model
Velocity Standard
These are the number of queries on search engines which include the brand name of the solution. Compared to other Insurtech categories, Insurance Suites is more concentrated in terms of top 3 companies’ share of search queries. Top 3 companies receive 73%, 12% more than the average of search queries in this area.
232 employees work for a typical company in this solution category which is 211 more than the number of employees for a typical company in the average solution category.
In most cases, companies need at least 10 employees to serve other businesses with a proven tech product or service. 14 companies with >10 employees are offering insurance suites. Top 3 products are developed by companies with a total of 500k employees. The largest company building insurance suites is Accenture with more than 500,000 employees.
Taking into account the latest metrics outlined below, these are the fastest growing solutions:
EZLynx
Socotra
BriteCore
Majesco Enterprise Data Model
Duck Creek Suite
We have analyzed reviews published in the last months. These were published in 4 review platforms as well as vendor websites where the vendor had provided a testimonial from a client whom we could connect to a real person.
These solutions have the best combination of high ratings from reviews and number of reviews when we take into account all their recent reviews.
This data is collected from customer reviews for all Insurance Suites companies. The most positive word describing Insurance Suites is “Easy to use” that is used in 13% of the reviews. The most negative one is “Difficult” with which is used in 7.00% of all the Insurance Suites reviews.
According to customer reviews, most common company size for insurance suites customers is 1-50 Employees. Customers with 1-50 Employees make up 58% of insurance suites customers. For an average Insurtech solution, customers with 1-50 Employees make up 29% of total customers.
These scores are the average scores collected from customer reviews for all Insurance Suites. Insurance Suites is most positively evaluated in terms of "Overall" but falls behind in "Likelihood to Recommend".