London, United Kingdom
30 July 2007 European
Policy Administration
Systems 2007: Life Insurance
Vendors
Report Published by Celent
Detailed profiles and comparisons of 16
vendors, as well as limited profiles of 11 other vendors, reveal that
policy administration systems are becoming cheaper and more flexible.
There are a wide range of choices of policy
administration systems among both established vendors and entrants,
according to European Policy Administration Systems 2007: Life
Insurance Vendors, Celent’s second report on the European vendor
landscape for life insurers.
“The level of RFI activity has been low
in this sector compared to general insurance,” says Catherine
Stagg-Macey, senior analyst with Celent’s Insurance group and author
of the report. “But we will see this change in the next three or so
years. With this increased interest from insurers, prices dropping,
implementations becoming quicker, and vendor options becoming more
plentiful, now is indeed a very interesting time for insurers to be
considering a new policy administration system.”
Entrants offer more flexible pricing
models, moving away from per-module or per-user to the number of policies
processed or a percentage of the premium. Technical flexibility has
increased. Solutions offer multiple integration options, and many operate
on more than one platform. More .NET offerings are available than there
were in 2005, reflecting the general market acceptance of both
technologies.
Celent’s new report is designed to help
insurers understand this marketplace. The report contains detailed
profiles of 16 policy administration systems and limited profiles of 11
additional systems. The report also uses Celent’s new ABCD Vendor View,
which is a standard representation of a vendor marketplace designed to
show at a glance the relative positions of each vendor in four categories:
Advanced technology, Breadth of functionality, Customer
base, and Depth of client services. Unlike a simple “four-quadrant”
map, solutions in the upper right are not necessarily the best solutions—in
an area as complex and idiosyncratic as policy admin, there is no one “best”
for all cases. Insurers should consider which factors in breadth,
technology, experience, and client service are most important to them and
use the profiles and comparative tables in this report to generate their
own shortlists. Only fully profiled vendors are included in the ABCD
Vendor View.
The vendors with full profiles are Exaxe,
Airas, Mastek, aquila, Fadata, FINEOS, Bravura
Solutions, Alice Software Service, EDS SOLCORP, FJH,
COR, LeanApps, Sapiens, CSC, FIS, and Percana.
Vendors with limited profiles are eBaoTech,
EDS SOLCORP (Radience), IDIT Technologies, Open Square,
SAP, SunGard, Tata Consultancy Services, and Wyde.
The 128-page report contains seven figures
and 83 tables.
A table of contents is available online.
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