Newgen acknowledged in analyst report on P&C CMS landscape

Newgen, a global provider of a unified low-code platform for end-to-end automation at scale, announced that it has been recognized in Forrester’s Landscape report for Property and Casualty Claims Management Systems for Q1 2024.

The report is based on an extensive overview of 26 service providers for P&C claims management and acknowledges the priority areas for companies seeking P&C insurance, as well as the core capabilities of the participating vendors.

Forrester asked each vendor included in the Landscape to select the top use cases for which clients select them and, from there, determined which are the extended use cases that highlight differentiation among the vendors.

Newgen has identified orchestration of third parties, leakage mitigation, and analytics and reporting as the top three use cases that make it a preferred partner.

The market trends from the study point towards AI and generative AI as the top disruptors that will provide a competitive advantage to claims and technology delivery players.

“Newgen is geared to be the trusted P&C claims management partner for commercial insurers with its radical predictive analytics, automated decision engine, and ability to support a broad claims ecosystem. Automation and AI capabilities are the game-changers for P&C insurance, and NewgenONE Marvin, the GenAI add-on for our low-code platform, ensures that we offer smarter risk management by adapting prices and coverage in real-time,” said Runki Goswami, Global Head of Marketing, Newgen.

Forrester’s report defines the P&C claims management system as ‘a system of record that manages the lifecycle of a property or casualty insurance claim, from first notice of loss, settlement of the loss with the claimant, and subrogation/recovery activities with third parties.’