North American Policy Administration Systems 2013: Life, Health, and Annuities ABCD Vendor View

by Karen Monks,  Chuck Johnston, November 18, 2013
Vendor Reviews
North America

Abstract

Celent provides a detailed look at 24 policy administration systems for North American life, health, and annuities products.

In North American Policy Administration Systems 2013: Life, Health, and Annuities ABCD Vendor View, Celent looks at policy administration systems available to insurers in North America. The report is part of a series on policy administration systems (PAS) in North America, EMEA, and Asia.

“This report is intended to help insurers compare policy administration vendors on a wide range of factors. Insurers can evaluate a vendor relative to their IT strategy by looking at critical factors, such as the availability of certain technical or functional features and customer feedback on system implementation and integration,” says Karen Monks, Analyst with Celent’s Insurance Group and coauthor of the report.

“Large transformation projects are always somewhat risky and difficult, even under the best circumstances,” adds Chuck Johnston, Research Director with Celent’s Insurance Group and coauthor of the report. “Given the variation in insurance business models and products, there is no one right answer for policy administration for all carriers, and insurers need to have a clear view of all the dimensions of a given system to make an intelligent selection decision.”

This report features Celent’s ABCD Vendor View. The ABCD Vendor View presents comparative views of the vendor marketplace in four areas: Advanced technology and technical flexibility, Breadth of functionality, Customer base, and Depth of client services and solutions. The report also describes the core processes in a modern policy administration system, as well as the supporting capabilities and additional point solutions provided by vendors.

The report is 136 pages and contains 19 figures and 95 tables. A table of contents, including the full list of vendors profiled, is available online.

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].

Media Contacts

North America (Boston)
Tylor Tourville
ttourville@celent.com
Tel.: +1 617 424 3284

Europe (London)
Chris Williams
cwilliams@celent.com
Tel: +44 (0)208 870 7875

Asia (Tokyo)
Yumi Nagaoka
ynagaoka@celent.com
Tel.: +81.3.3500.3023

Table of Contents

Executive Summary

1

Introduction

2

Policy Administration Systems: Definition and Functionality

3

Report Methodology

6

Celent’s ABCD Vendor View

9

About the Profiles

12

Accenture: Accenture Life Insurance Platform (ALIP)

15

Airas Intersoft Limited: iGas

22

CSC: CyberLife

29

CSC: Wealth Management Accelerator

36

EXL: LifePro

42

FAST: FAST Policy Administrator

48

HP Ingenium

54

IBM: GIAS

60

InsPro Technologies: InsPro Enterprise

66

MajescoMastek: Elixir North America

72

Management Data Inc. FIMMAS

79

Mphasis Wyde: Wynsure

85

Oracle: Oracle Insurance Policy Administration

91

Rudd and Wisdom Inc: QL Admin

98

Sapiens: ALIS

104

StoneRiver: ID3

111

SunGard Data Systems: iWorks Compass

117

Limited Profiles

123

C2L BIZ Solutions: Symbiosis - Pas

124

Exaxe: Income Plus and Invest Plus

127

HP: RADIENCE Administration

129

Infosys McCamish Systems, LLC: VPAS Platform

131

Insurance Global Operations: IGO6

134

LIDP Consulting Services: The Administrator

137

Tata Consulting Services: TCS BaNCS

140

Conclusion

142

Leveraging Celent’s Expertise

144

Related Celent Research

145

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