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North American Life Insurance and Annuity Policy Administration Systems 2017

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21 November 2017
Colleen Risk
Karen Monks
Tom Scales

An ABCD Vendor View

Key research questions

  • What is a life/annuity/pension policy administration system?
  • Who are the vendors in the North American marketplace by line of business?
  • Which systems win Celent’s 2017 Life and Annuity PAS ABCD Awards?

Abstract

To help life and annuity insurers plan for policy administration systems modernization, Celent offers profiles of policy administration solutions available in North America. Profiles are presented for the majority of the solutions in the market. Vendors that met the ABCD criteria are included in the ABCD Vendor View analysis.

(click on image for full size)

In the past two to three years as the markets and economy have improved and better margins have been obtained, insurers have renewed their interest in strategic investments. As a result, modernizing and replacing legacy systems has surfaced as a top priority for many life and annuity insurers.

Core system modernization is about establishing a platform that will allow an insurer to execute the business decisions it needs to succeed in an increasingly unknowable, but probably disruptive, future. Innovation is difficult to pull off unless it is built on the solid foundation of a modern, data-rich, and configurable policy administration system.

This report is the seventh in Celent’s biennial series on policy administration systems (PAS) available to life insurers in North America. This report profiles 19 PAS in use or being marketed for North American life, annuities, and pension products.

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