New Policy Administration Systems Remain Top Priority at Life and Annuity Carriers

Novarica profiles 24 vendors in 12th annual report

Boston, MA (June 20, 2019) – Interest in new policy administration systems (PAS) remains strong at life and annuity carriers. The primary business drivers are improved speed to market for new products, better customer and agent experience, legacy system challenges, and long-term costs. In its 12th annual Novarica Market Navigator report on Life/Health/Annuity Policy Administration Systems, research and advisory firm Novarica profiles 24 vendor solutions, providing over 300 pages of information to help insurers understand and compare these complex systems.

“Carriers see core replacement as important to capabilities like customer experience, business intelligence/analytics, and product innovation,” said Rob McIsaac, Executive Vice President of Research and Consulting and co-author of the report. “Carriers are looking to stand up new environments for new product or market opportunities, allowing solutions to complement legacy environments and enable phased evolutions toward modernized core ecosystems. Carriers are also implementing new PAS environments to support greenfield types of operations, allowing for more rapid support of new products, distribution channels, and marketing strategies.”

A preview of the brief is available online.

Life/Health/Annuity policy administration systems 2019 (Novarica Market Navigator)

Life/Health/Annuity policy administration systems 2019 (Novarica Market Navigator)

This report provides an overview of the available policy administration systems and suites for US life/annuity/health insurers and information on each vendor’s capabilities and market position. The report contains detailed profiles of 24 vendor solutions, summarizing the vendor organization, technology used, differentiators, client base, lines of business supported, deployment options, implementation approaches, upgrades/enhancements, and key functionality.

Vendors included: Accenture, Andesa Services, Concentrix, DXC, EIS Group, EXL, FAST, FIS, Infosys McCamish, InsPro Technologies, InsurIQ, iPipeline, LIDP Consulting Services, Majesco, Management Data Inc., Mphasis, OneShield, Oracle, QLAdmin Solutions, SAP SE, Sapiens, Tata Consultancy Services, and Vitech Systems Group.

Click here for the table of contents or to access the report.

About Novarica

Novarica helps more than 100 insurers make better decisions about technology projects and strategy through retained advisory services, published research, and strategy consulting. Its knowledge base covers trends, benchmarks, best practices, case studies, and vendor solutions. Leveraging the expertise of its senior team and more than 300 CIO Research Council members, Novarica provides clients with the ability to make faster, better, more informed decisions. Its consulting services focus on vendor selection, custom benchmarking, project checkpoints, and IT strategy. For more information, visit www.novarica.com.

Source: Novarica

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