Policy Administration Systems: LATAM Life Insurance Edition
2021 Spectrum Report, Powered by VendorMatch
Since our last update to this report, Celent has seen an increased interest from vendors in the life policy administration system market in LATAM, evidenced mainly by new entrants and modernization efforts from incumbent vendors in the region. While insurers tend to have similar criteria when starting to look for a life policy administration system vendor (e.g., relevance of the system in target countries, insurance products supported, and the types of customers a vendor serves), getting deeper into vendor due diligence requires more granular information about the vendors and systems at play.
This report should help life insurers define their core systems requirements and, where appropriate, create a short list of vendors for evaluation. Expanded PAS functionality and improved technology mean that insurers continue to have a wide spectrum of systems and vendors to consider when they are looking for a solution to fit their needs. Insurers should leverage their access to the authors through analyst access to learn more about the vendors.
In one sense, the definition of a policy administration system (PAS) is the system of record for all policies that an insurance company has written. At this most basic level, a PAS is a repository of policy-level data related to plans of insurance, policy coverage amounts, benefits and riders, duration of the policy, and so forth. A permanent policy record is created at the time a policy is issued and includes the complete history of the policy through payout, termination, cancellation, and/or reinstatement.
This report is the fifth in Celent’s biennial look at policy administration systems (PASs) available to life insurers in Latin America (LATAM). In this LATAM edition, we will provide a vendor spectrum of participating life policy administration systems vendors. This report profiles 17 PASs in use or being marketed for LATAM life, pension, and annuities products. Some vendors also appear in the companion reports profiling these systems in Asia-Pacific, North America, and EMEA.
The following vendors are profiled in this report: Ai-London; Cleva Insurance Solution; Consis International; eBaoTech Corporation; Equisoft; Fadata; Infosys McCamish; InMotion; Majesco; Management Data, Inc.; Minsait; Oracle Corporation; Sistran; SysOne; Tata Consultancy Services; and UST.