Asia-Pacific Life/Annuity Illustration Systems 2012
A Sketch of Nine Vendor Systems
Celent recognizes some of the major trends in illustration systems today, such as more emphasis on illustration output, the use of mobile devices, and user-level configuration, as well as improving upstream and downstream integration to facilitate straight-through processing.
In a new report, Asia-Pacific Life/Annuity Illustration Systems 2012: A Sketch of Nine Vendor Systems, Celent looks at the illustration systems available to life insurers in the Asia-Pacific region. This report profiles nine illustration systems in use for life insurance and annuity, with six full profiles and three limited profiles.
Nowadays, producers expect life policy illustrations to provide them and consumers with ease of use, strong visual impacts, and up-to-date and accurate product information to help make the sale. By looking at vendor illustration solutions in the marketplace, Celent recognizes some of the major trends in illustration systems today, including expanded functionality, increased emphasis on illustration outputs, user-level configuration tools, and increased availability of illustration systems on mobile devices and tablets. Additionally, today’s illustration systems more frequently include full integration with point of sale tools, and support back end linkage to policy systems for new business straight-through processing.
“Insurer efforts to improve new business processes are ongoing. Celent believes that technology that can improve cycle times, reduce costs, and improve overall new business efficiency will continue to be prioritized,” says Wenli Yuan, Senior Analyst with Celent's Asian Financial Services Group and author of the report. “That points to enhanced ties between illustration systems and needs analysis, suitability, and new business systems, with the goal of reducing rekeying and automating processes. Not surprisingly, several major vendors are positioning their illustration offerings within this broader context.”
The report begins with a brief overview of the life and annuity illustration solution. Next, several important key trends are identified and discussed. The major part of this report profiles nine illustration vendors, including AXE’s Axelerator Life New Business, EAB Systems’ iQuote, eBaoTech Corporation’s eBaoTech SalesPlatform Suite, Polaris Financial Technology’s Benefit Illustration System, Sinosoft’s Sales Support System, Mphasis Wyde’s Wynsure, AETINS’ ISF Illustrate, iPipeline’s Illustrations, and Sapiens’ ALIS. High-level comparisons are provided, plus detailed profiles containing company background information, specific product information and functionality, key technical specifications including programming languages and platforms supported, and feedback from reference clients (for full profile solution). In the final section, the system technologies and vendor market activity are compared, and Celent offers key questions that carriers need to answer before they can begin evaluating illustration vendor offerings.