Modern life/annuity/benefits solutions provide flexible architectures and stand-alone module capabilities; new report features 22 North American vendors: Aite-Novarica Group
Boston, MA (Nov. 16, 2021) – The market for life policy administration systems (PAS) is strong and growing: a majority of the vendors in this space are seeing more than a 10% revenue growth rate, and half of them are seeing more than 15%. In a new Impact Report, Life Insurance, Annuity, Benefits Policy Administration Systems: Market Overview, research and advisory firm Aite-Novarica Group provides an overview of the life insurance, annuity, and group benefits policy administration systems in North America, as well as key statistics on 22 major PAS players.
“Insurers have several viable options when considering a new policy administration solution,” says Manoj Upreti, Strategic Advisor at Aite-Novarica Group and co-author of Aite-Novarica Group’s new report. “Some insurers now see new PAS deployments as part of a broader strategy for line of business management that complements a broader BPO strategy, allowing for the quick implementation of new (and sometimes greenfield) operations without becoming encumbered with legacy business processes or structures.”
“Insurers recognize that the traditional model of converting blocks for long-liability tail businesses may increase project cost and risk,” adds co-author Nancy Casbarro. “They are adopting granular and nuanced approaches that leverage new PAS platforms and improved integration approaches and systems architecture.”
Click here to access the report.
About Aite-Novarica Group
Aite-Novarica Group is an advisory firm providing mission-critical insights on technology, regulations, strategy, and operations to hundreds of banks, insurers, payments providers, and investment firms—as well as the technology and service providers that support them. Comprising former senior technology, strategy, and operations executives as well as experienced researchers and consultants, our experts provide actionable advice to our client base, leveraging deep insights developed via our extensive network of clients and other industry contacts. For more information, visit aite-novarica.com.
Source: Aite-Novarica GroupTags: Aite-Novarica Group, benefits, core systems, Core Systems Modernization, legacy system replacement, legacy systems, Life & Annuity