The last two years have seen life insurers move from complete uncertainty as to how to handle the change COVID thrust upon them to them making technology investments to accelerate digitalization across their operations.
The need to provide better customer experiences and sell products that can be purchased at least partially online, rapidly changing market conditions, and the need to remain up-to-date with the technology are some of the major factors fueling the growth of the life insurance policy administration system (PAS) market. For many insurers, the need to catch up with those that digitized their business is driving PAS sales in the lower tiers.
In December 2021 and February 2022, Celent published updates to the regional life/annuity/pension PAS vendor reports. The data-gathering process provided some insight into the PAS solution market as well as data on deals from the previous two years for each region. This report provides a view of deal trends in PAS in the individual and group/voluntary life, annuity, and pension market in North America (NA).
This report looks that the North American life insurance policy administration market over the past two years. It attempts to answer several questions including:
- Which trends influenced the growth in the North American policy administration market for both individual and group/voluntary life insurance?
- Which vendors were successful in this market over the last two years?
- What will the market be like for life insurance policy administration vendors in this market over the next two years?
