North American New Business and Underwriting Systems 2018: Life, Annuity, and Health ABCD Vendor View
Although it has taken decades, life insurers are implementing technology that automates their new business and underwriting processes. Vendors in this report sell those systems.
Key research questions
- What market shifts are driving investments in new business and underwriting systems?
- Who are the vendors in the North American marketplace?
- Which systems win Celent’s 2018 life/annuity/health new business and underwriting ABCD awards?
This report reviews and ranks the new business and underwriting vendor systems actively being used by life insurers in North America. It uses Celent's ABCD Vendor View to rank vendors in four dimensions: Advanced technology, Breadth of Functionality, Customer base, and Depth of client services. Companion reports will be written in EMEA, LATAM, and APAC.
Updating an antiquated application and underwriting process is one way life insurers can help their top and bottom lines. Implementing technology that automates the new business and underwriting functions can help an insurer achieve a level of straight-through processing (STP) for new business and underwriting and 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.