Navigating the life and health policy administration system landscape
19 August 2019
The policy administration system market is increasingly complex and going through interesting changes. Indeed, there are trends that we have identified and described over the past two years after we last reviewed and evaluated life and health policy administration systems available to insurers on the market. In The New Build Vs. Buy Debate: Is This the Agony of the Core Insurance Package?, we examined the willingness of insurers to engineer their own core insurance platform. We also looked at their appetite to consider new types of systems in a report titled Searching for API, Microservices, and Cloud-Native Insurance Software: Finding the Optimal Trade-Off. In parallel, we described the slow fragmentation of the life insurance value chain in a report titled Disaggregation of the Traditional Insurance Value Chain: Life Edition.
Many life and health insurers want to tackle the legacy challenge. If not to decommission an old system and migrate their product portfolio to a new one, they are also increasingly considering the launch of new operations or greenfield operations that require a new core insurance system. Celent continues to help them navigate the policy administration system landscape and we have just kicked off our review of the life, pension, annuity and health insurance policy administration system vendor. What’s new this time is we are leveraging our digital platform called VendorMatch to capture information about the vendors. Like for our previous evaluation of the vendors, we collect information about their system (technology and features), their implementation base and their company. In addition, we see the system in the frame of a live demo. Last but not least, we ask their reference clients opinion.
For insurers interested in the policy administration system landscape globally, be aware that our vendor review is global and will cover North America, Latin America, Europe the Middle East Africa and the Asia Pacific regions. We also suggest keeping track of the vendors that we are following in VendorMatch.
Stay tuned as we plan to publish our analysis by the end of the year.