For an insurer considering the replacement of their new business and underwriting system, the options currently available are no different than what may be considered for any other system: build, buy, or restructure what is already there.
In the report, 2014 EMEA New Business and Underwriting Systems: A Vendor Spectrum, Celent reviews new business and automated underwriting systems available to insurers in Europe, the Middle East, and Africa. The report profiles 15 automated new business and underwriting systems for life and annuities products.
Today’s new business and underwriting systems collect structured data, triage risk, and identify underwriting requirements, as well as fulfilling back office processes and analyzing the resulting data. They provide the potential for insurers to reduce costs by moving some of the traditional back office processes into the front office and to improve profitability by giving insurers insights into the characteristics of applicants for product and pricing refinement.
“The most recent generation of new business and underwriting systems accumulates underwriting data and uses that data to determine what is needed for underwriting requirements and to make adjustments to underwriting rules,” says Jamie Macgregor, Senior Vice President of Celent’s Insurance Group and coauthor of the report.
“Life insurance new business and underwriting system vendors can be segmented three ways: vendors with best-of-breed systems, vendors with policy administration systems with stand-alone new business and underwriting components, and reinsurance solutions,” adds Nicolas Michellod, Senior analyst with Celent’s Insurance Group and coauthor of the report.
This report is the first Celent review of new business and automated underwriting systems available to insurers in Europe, the Middle East, and Africa. The report profiles 15 new business and automated underwriting systems in use for life insurance. It includes vendors with best-of-breed solutions, vendors with stand-alone new business and underwriting components within a policy administration suite, and reinsurance solutions.
