Pegasystems Again Earns a Leader Spot in Independent Research Firm's Latest Insurance Report
CAMBRIDGE, Mass., Sept. 25 — Pegasystems (Nasdaq: PEGA) today announced that the company has been named a leader in Forrester Research's evaluation of human-centric business process management suites (BPMS) for Insurance. This recognition of leadership by Forrester is the third this year for Pegasystems. Earlier this year, Pegasystems was ranked as a leader both in business rules platforms for IT (The Forrester Wave™: Business Rules Platform, January 2006) and in business process management (The Forrester Wave™: Human-Centric Business Process Management Suites, Q1 2006). Pegasystems is the only vendor to be recognized as a leader in all three Forrester Waves.
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.
To learn more about Pegasystems or its performance in the Wave, please visit us at https://www.pega.com.
Pegasystems (NASDAQ: PEGA) develops strategic applications for marketing, sales, service, and operations. Pega’s applications streamline critical business operations, connect enterprises to their customers seamlessly in real-time across channels, and adapt to meet rapidly changing requirements. Pega’s Global 3000 customers include many of the world’s most sophisticated and successful enterprises. Pega’s applications, available in the cloud or on-premises, are built on its unified Pega 7 platform, which uses visual tools to easily extend and change applications to meet clients’ strategic business needs. Pega’s clients report that Pega gives them the fastest time to value, extremely rapid deployment, efficient re-use, and global scale. For more information, please visit us at www.pega.com.
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