EMEA New Business and Underwriting Systems 2016: Life, Annuity, and Health Vendor Spectrum
Due to the ongoing economic conditions adversely impacting life insurance application volumes, insurers have a strong interest in reducing the cost of processing and issuing life insurance applications.
Automating the new business and underwriting functions are critical components in reaching a level of straight-through processing (STP) for new business. Insurers hope that these systems will help reduce unit costs and improve margins. Celent believes that these initiatives are necessary to help the insurers address growth, service, and distribution mandates and reduce the cost per policy issued.
This report profiles new business and automated underwriting (NBUW) systems available to life insurers in Europe, the Middle East, and Africa (EMEA). It includes 14 systems in use or being marketed for EMEA life, health, and annuities products. This report should help insurers as they refine their new business and underwriting technology strategies and, where appropriate, create a list of appropriate vendors for evaluation.
“After years of development that started almost 30 years ago, automated underwriting systems have become highly flexible in allowing insurers to define and configure underwriting rules and workflow,” says Karen Monks, an analyst with Celent’s insurance practice and coauthor of the report.
“The systems have the potential for moving some of the traditional back office processes into the front office and for giving insurers insights into the characteristics of applicants for product and pricing refinement,” says Jamie Macgregor, senior vice president of Celent’s Insurance practice and coauthor of the report.
“It can be difficult for insurers to identify the relevant new business and underwriting systems available on the market and we think this report can certainly facilitate and shorten insurers’ vendor selection projects,” says Nicolas Michellod, a senior analyst with Celent’s Insurance practice and coauthor of the report.
This report contains 14 profiles, each of which presents information about the vendor and solution; available professional services and support capabilities in the region; customer base; functionality and lines of business deployed; technology and partnerships; and implementations and cost.
This 85-page report contains 1 figure and 85 tables.