At the heart of any life insurance or annuity carrier is its core platform or policy administration system: Aite Group report
Boston, MA (Mar. 28, 2019) – As the InsurTech industry evolves, the number of ecosystems, tools, and data elements increase, creating more demand on the PAS to produce more integration points through application programming interfaces and microservice-based technologies. The ability to seamlessly integrate internally and externally, with minimal effort, is key to the success of these platforms. Life and annuity carriers that are limited by legacy core systems will fall behind the industry due to the inability to adapt to new data, integrate with new systems, develop new products, or reduce overall operational expenses.
The latest Aite Group report, AIM Evaluation: Life PAS Vendors’ External Third-Party Data Integration Capabilities, examines the life insurance and annuity core policy administration vendors in North America, with an overall focus on the integration capabilities of external third-party data and usage of API frameworks. The ability to seamlessly integrate internally and externally, with minimal effort, is key to the success of these platforms. Life and annuity carriers that are limited by legacy core systems will fall behind the industry due to the inability to adapt to new data, integrate with new systems, develop new products, or reduce overall operational expenses.
“An influx of new data elements to be used in the life insurance and annuity industry and a growing acceptance of the insurance ecosystem have driven carriers to create solutions based on an open-API concept that fosters ease of integration and innovation among the carriers,” explains Samantha Chow, senior analyst at Aite Group.
Leveraging the Aite Impact Matrix (AIM), a proprietary Aite Group vendor assessment framework, this new Impact Report evaluates the overall competitive position of 11 vendors, focusing on vendor stability, client strength, product features, and client services. This report profiles Accenture, Andesa, DXC, EIS Group, EXL, FIS Global, LIDP, Majesco, Oracle, Socotra, and Vitech.
North American Life Insurance and Annuity PAS Vendor Impact Matrix (Aite Group)
This 61-page Impact Report contains 24 figures and 12 tables.
Click here for the online report summary or to download the table of contents. Clients of Aite Group’s Life Insurance service can download this report, the corresponding charts, and the Executive Impact Deck.
About Aite Group
Aite Group is a global research and advisory firm delivering comprehensive, actionable advice on business, technology, and regulatory issues and their impact on the financial services industry. With expertise in banking, payments, insurance, wealth management, and the capital markets, we guide financial institutions, technology providers, and consulting firms worldwide. We partner with our clients, revealing their blind spots and delivering insights to make their businesses smarter and stronger. Visit us at www.aitegroup.com.
Source: Aite GroupTags: Accenture, Aite Group, Majesco, Oracle, third-party data