A Novarica Research Partners Program Report, Underwritten by EquiSoft
Toronto, ON (Dec. 3, 2015) – This report presents results from a survey on illustration system capabilities at 10 carriers that offer individual life products. Insurer CIOs and IT leaders were asked about challenges and limitations of their current illustration system, and their perspective of what is important in a replacement system.
As individual life insurers look for ways to better compete on customer experience, illustration tools have become more important in the sales process. Many carriers have in-house developed programs that limit the ability to maintain updates for new products, which affects the speed to market, and these systems also are more difficult to integrate with electronic applications and other capabilities for both new business and in-force illustrations.
This report presents results from a survey on illustration system capabilities at 10 carriers that offer individual life products. Insurer CIOs and IT leaders were asked about challenges and limitations of their current illustration system, and their perspective of what is important in a replacement system.
Most currently use in-house developed systems, and they expressed high interest in vendor solutions for a new system. Overcoming limitations in reporting and integration capabilities, along with providing better customer experience are key factors when considering a replacement. Replacing current in-house systems is being given priority in their IT budgets. This report provides insight for CIOs facing similar challenges and who are considering alternatives for improving illustration capabilities.
About the Report
This report presents and discusses the findings of a survey of 10 individual life insurers, active in the US and Canada, mostly of medium size (annual premiums of $100M+).
This report is a product of the Novarica Research Partners Program, which enables industry sponsors to underwrite surveys on topics of interest. These surveys are conducted using the same methodologies and with the same respect for participant privacy as Novarica�s independent surveys and reports.
Underwriting sponsors have input on question design and general characteristics of target respondents only.
Novarica conducts the survey and analyzes the results independently. Underwriting sponsors do not have draft approval or other ability to influence content of the final report.
Novarica provides technology strategy research, advisory services, and consulting to more than 80 property/casualty and life/annuity insurers.
Novarica�s research covers trends, benchmarks, best practices, case studies, and vendor solutions, drawing on the expertise of its senior team and relationships with nearly 400 insurer CIO members of the Novarica Insurance Technology Research Council.
Through its advisory services, Novarica�s expert team becomes an adjunct member of its clients� strategy and planning functions, providing a force-multiplier that facilitates faster, better, more informed decisions.
Novarica�s consulting services focus on vendor selection, custom benchmarking, project checkpoints, and IT strategy, leveraging its proven methodologies, extensive knowledgebase, and broad network to rapidly deliver actionable insights and recommendations. Novarica is headquartered in Boston.
EquiSoft specializes in business services, and solutions that address the needs of the insurance industry. EquiSoft develops and markets InsuranceElements to support sales illustrations and quoting, electronic application, financial planning, asset allocation, on both web-based and mobile platforms, thus providing solutions that span the complete chain value for life and annuity carriers.
EquiSoft also integrates and supports Oracle Insurance solutions. EquiSoft provides insurance companies with technology experience and expertise. As a Gold Level Oracle partner and the only global specialized integrator for the Oracle Insurance Policy Administration solution, EquiSoft has deep expertise in processes within new business, underwriting, compensation management, policy service and claims management.
With offices in the United States, Canada, Latin America, the Caribbean and South Africa, EquiSoft not only offers proximity to its customers, but has a critical understanding of the local financial environment.