Policy Administration Systems: EMEA Life Insurance Edition
2021 XCelent Awards, Powered by VendorMatch
The life policy administration system vendor market in Europe, the Middle East, and Africa is difficult to navigate. 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 systesm at play.
To help financial institutions better understand the vendor landscape and compare vendors, Celent developed its ABC methodology, which positions and awards vendors across three dimensions: Advanced Technology, Breadth of Functionality, and Customer Base and Support
In one sense, 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 policies, 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 eighth in Celent’s biennial look at policy administration systems (PASs) available to life insurers in Europe, the Middle East, and Africa (EMEA). It profiles 36 PASs in use by or being marketed for EMEA life, pension, and annuities products. Some vendors also appear in the companion reports profiling these systems in the Asia-Pacific, North America, and Latin America.
The following vendors are profiled in this report: Adacta, adesso insurance solutions GmbH, AETINS SDN BHD, Agito, Ai-London, Azentio, Bravura Solutions, C2L BIZ Solutions PVT. Ltd, Cleva Insurance Solution, Consis International, Coopengo, DXC Technology, eBaoTech Corporation, EIS, Equiniti, Equisoft, ESKADENIA Software, Fadata, Infosys McCamish, iPipeline, Keylane, Lumera, Majesco, Minsait, Mphasis, msg Life AG, Oracle Corporation, Prima Solutions, Sapiens, SilverBridge, SS&C Technologies, Tata Consultancy Services, Turnkey Africa Ltd, UST Global and Vermeg.