Life insurers look to justify core replacement projects beyond cost reduction; Novarica profiles 23 vendor solutions
Boston, MA (June 22, 2021) – New life/annuity/benefits PAS deployments are part of a broader strategy for line of business management, allowing for the quick implementation of new (and sometimes greenfield) operations without becoming encumbered with legacy business processes or structures. In its 14th annual Novarica Market Navigator report on Life/Annuity/Benefits Policy Administration Systems, research and advisory services firm Novarica provides an overview of the available policy administration systems and suites for US L/A/B insurers, as well as profiles of 23 vendor solutions.
“Insurers see core replacement as important to customer experience, business intelligence and analytics, and product innovation,” said Deb Zawisza, Vice President of Research and Consulting, and lead author of Novarica’s new report. “Insurers are increasingly 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.”
Each profile summarizes the vendor organization, technology, differentiators, client base, lines of business supported, deployment options, implementation, upgrades/enhancements, and key functionality.
Vendors profiled include: Accenture, Andesa Services, CalcFocus, Concentrix Corporation, DXC, EIS, EXL, FAST (a Verisk company), FINEOS, FIS, Infosys McCamish Systems LLC, iPipeline, LIDP, Majesco, Management Data Inc, Mphasis, Oracle, Penn River, Sapiens, Socotra, Tata Consultancy Services, and Vitech Systems Group.
Click here for the table of contents or to access the report.
Report Summary
New life/annuity/benefits PAS deployments are part of a broader strategy for line of business management, allowing for the quick implementation of new (and sometimes greenfield) operations without becoming encumbered with legacy business processes or structures. This report provides an overview of the available policy administration systems and suites for US life/annuity/benefits insurers. The report contains profiles of 23 vendor solutions, summarizing the vendor organization, technology used, differentiators, client base, lines of business supported, deployment options, implementation approaches, upgrades/enhancements, and key functionality.
Click here for the table of contents or to access the report.
About Novarica
Novarica helps more than 150 insurers make better decisions about technology projects and strategy. Its research covers trends, best practices, and vendors, leveraging relationships with more than 300 insurer CIO members of its Research Council. Its advisory services provide enterprise phone and email consultations on any topic for a fixed annual fee. Consulting services range from assessments and strategic roadmaps to vendor evaluations. For more information, visit www.novarica.com.
Source: Novarica
Tags: benefits, core systems, Core Systems Modernization, customer experience (CX), legacy system replacement, legacy systems, Life & Annuity, Modern Core Technologies, Novarica, Policy Administration Systems
