Asia-Pacific Policy Administration Systems 2012: Life and Pension ABCD Vendor View
For insurers, navigating the market of life and pension policy administration system vendors remains a difficult task. Celent profiles a majority of the life and pension insurance administration systems available in the Asia-Pacific region today.
In a new report, Asia-Pacific Policy Administration Systems 2012: Life and Pension ABCD Vendor View, Celent looks at the policy administration systems available to life insurers in the Asia-Pacific region. The report is part of a series on policy administration systems (PAS) in Europe, the United States, and Asia.
As a group, vendors continue to make significant investments in their core policy administration systems. These solutions are becoming more capable (deeper functionality); smarter (better reporting and analytics); and more connected (SOA and Web services become the standard). The market is also evolving due to acquisitions and partnerships, solutions development, and alternative delivery models.
There is no single best policy administration solution for all insurers. There are a number of good choices for an insurer with almost any set of requirements.
“Insurers seeking a new core policy administration system should begin the process by looking inward,” says Wenli Yuan, Senior Analyst with Celent's Asian Financial Services group and author of the report. “Next, insurers should seek to understand and weigh the capabilities of each vendor and each solution.”
The Asia-Pacific IT vendor landscape is increasingly difficult to navigate and, for insurers, the selection of a PAS requires the analysis of different parameters that have all their importance. Celent recommends that insurers define and rank their own priorities when reviewing this important question.
This report is not intended to provide an insurer with all the tools they need to choose the “right” policy administration system, though it can help an insurer take the first steps towards shortening a long list.
Celent profiles 21 policy administration systems in Asia Pacific, with 9 full profiles and 12 limited profiles, using its 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.
Celent is a research and advisory firm dedicated to helping financial institutions formulate comprehensive business and technology strategies. Celent publishes reports identifying trends and best practices in financial services technology and conducts consulting engagements for financial institutions looking to use technology to enhance existing business processes or launch new business strategies. With a team of internationally based analysts, Celent is uniquely positioned to offer strategic advice and market insights on a global basis. Celent is a member of the Oliver Wyman Group, which is part of Marsh & McLennan Companies [NYSE: MMC].
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Table of Contents
Celent’s ABCD Vendor View and the XCelent Awards
About the Profiles
AETINS SDN BHD: ISF Life/PentaTAKAFUL Family
Bravura Solutions: Sonata
CSC: Integral Life
EAB Systems Limited: iLife
eBaoTech Corporation: eBaoTech LifeSystem
FIS Software: ALIS
HP Enterprise Services: INGENIUM
Sinosoft Life Insurance System (LIS)
SunGard Data Systems: iWorks COMPASS
Tata Consultancy Services: TCS BaNCS
Accenture; Accenture Life Insurance Platform (ALIP)
HP Enterprise Services: RADIENCE
IBM/Genelco Software Solutions: IBM Genelco Insurance Administration Solution (IBM GIAS)
InsIT Financial InfoTech: i-Goup
Mastek Ltd.: ElixirAsia
McCamish Systems, an Infosys Company: VPAS
Oracle: Oracle Insurance Policy Administration for Life and Annuity
Prima Solutions: Prima Insure
SAP: SAP Policy Management
Leveraging Celent’s Expertise
Support for Financial Institutions
Support for Vendors
Related Celent Research