Compared to two years ago, the overall perception of vendor policy administration systems has improved.
In the report Life Insurers’ Perception of Policy Administration Systems: 2014 North America Edition, Celent examines insurers’ perspectives in the following categories:
- Ease of integration.
- IT vendors’ implementation capabilities and professional services.
- Training required for end users.
- Insurers’ evaluation of the system based on specific configuration scenarios.
- Operational and business staff involvement.
This report details Celent survey findings for North American insurers in relation to their perception of the ease of integrating their PAS with internal applications and databases as well as external data sources, their evaluation of IT vendors’ implementation and post-implementation capabilities, training effort required before an end user can be productive with the policy administration system, and PAS configuration capabilities.
“An insurer should consider many factors when evaluating policy administration systems including existing customer feedback. The insurer should also map and prioritize existing functional requirements before evaluating PASs and consider different approaches to meeting the requirements such as full package or best-of-breed solutions before short-listing vendors,” states Karen Monks, an analyst with Celent’s Insurance Group and author of the report.
