According to the report, "Pegasystems holds a leadership position in insurance due to strong penetration (with 34 insurance customers), insurance solutions frameworks in production, strong business rules, and critical insurance system interfaces. Overall, Pegasystems offers a highly competitive BPM product with a strong foundation for continued expansion into the market." The report further states that Pegasystems quickly attained this position by "leveraging traditional strengths in mainframe legacy systems integration and early emphasis on business rules."
Forrester evaluated nine leading BPM systems (BPMS) across 215 insurance-specific and BPMS criteria and found that Pegasystems and other vendors established early leadership in BPMS in the insurance market due to insurance-specific attributes and strategies, and overall BPMS functionality. Forrester sees Pegasystems' SmartBPM product as "well suited to meet insurance company challenges due to its strong BPMS offering combined with key attributes for successful insurance company BPMS implementations."
Forrester asserts that BPMS market growth, in general, is accelerating now that more CxOs focus on business process efficiency and are beginning to understand the relationship between BPMS, SOA and composite applications. Forrester forecasts that the BPMS software market will grow from $1.2 billion (in 2005) to almost $2.7 billion by 2009, which will shift BPMS from an emerging market to the mainstream over the next decade.
"We are excited to be called out as a leader in the Forrester Wave BPMS report on Insurance," said Mark G. Finneran, Director of Insurance Sales, Pegasystems. "We agree with the insurers interviewed by Forrester that insurance carriers increasingly are realizing the strategic benefit of BPMS. We are proud to offer such a rich solution set that these world-class organizations can use to automate core insurance operations across each area of the policy lifecycle for both life and property and casualty insurance." Pegasystems will be highlighting successes in insurance and other industries at its upcoming PegaWORLD thought leadership conference in Boston, October 18-20. For more information or to register for this conference, please log onto http://www.pegaworld2006.com.
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