Life Insurers’ Perception of Policy Administration Systems: 2014 EMEA Edition
Not every region is at the same level of investment in modern core insurance systems.
In the report Life Insurers’ Perception of Policy Administration Systems: 2014 EMEA Edition, Celent examines insurers’ perspectives in terms of ease of integration, IT vendors’ implementation capabilities and professional services, training required for end users, insurers’ evaluation of the system based on specific configuration scenarios, and some considerations around operational and business staff involvement.
“We recommend that IT vendors adapt their PAS offering, considering insurance companies’ priorities, anticipating regional preferences, and shaping their marketing messages accordingly,” says Jamie Macgregor, Senior Vice President of Celent’s Insurance Group and coauthor of the report.
“We think it is that important insurers map and prioritize existing functional requirements before evaluating PAS’s. They also need to define scenarios involving different approaches: full package, best of breed, etc.,” adds Nicolas Michellod, Senior Analyst with Celent’s Insurance Group and coauthor of the report.
This report details Celent survey findings for UK, Continental, Eastern European, and Middle East and African insurers in relation to insurers’ perception of the ease of integrating their PAS with internal applications and databases as well as external data sources, their evaluation of IT vendors’ implementation and post-implementation capabilities, training effort required before an end user can be productive with the policy administration system, and PAS configuration capabilities.