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eApplication Systems
Find eApplication systems on our financial technology solutions research platform. Use the directory for vendor discovery and use our guide to compare and evaluate software including reports and RFIs on functionality used by financial institutions including insurers. An eApplication system provides an on-line, real time electronic means for gathering the informaton required for submitting new business for all types of life insurance and annuity products. eApplication systems are frequently closely-integrated with illustration, underwriting, policy administration systems, and product rules engines. It may interface with an agency management system, document creation or management capabilities, third party evidence providers, address look up, identity verification and may include collaboration tools and status tracking.
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eDelivery Systems
Find eDelivery systems on our financial technology solutions research platform. Use the directory for vendor discovery and use our guide to compare and evaluate software including reports and RFIs on functionality used by financial institutions including banks, insurers, wealth and asset managers, hedge funds, and more. Systems that allow the electronic transfer of key documents (policies, videos, contracts, prospectuses, business documents, and marketing collateral), either internally or to clients.
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Illustration Systems - Life / Annuity / Pension Insurance
Use our vendor directory to find illustration systems available to insurance companies. illustration systems provide a hypothetical representation of a policy that reflect the critical assumptions the insurance company used to compute the policy results. Research the market in our directory, analyse the functions and features available across these vendor solutions, and use our guide to compare fintech software, including reports and RFIs, for your future needs.
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Insurance Comparative Rating Platforms
Locate and evaluate comparative rating systems and solutions listed in our vendor directory. Use the research platform and guides to evaluate comparative raters with analysis and comparison of key features and functionality for analyzing and underwriting information entered once to generate comparative policies and price quotations from multiple insurance companies. Use our VendorMatch directory to identify vendors and solutions in the comparative rating systems market and to create short lists of vendor systems for your future buying needs.
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Insurance Premium Audit Systems
Use our directory to find premium audit systems and solutions available to financial institutions such as insurance companies. The premium audit process allows insurers to audit exposures and rate structures to ensure policy holders are paying the correct premiums. Research the market through our online platform, discover vendors through our directory, and evaluate premium audit software with analysis and comparison of their functionality through our reports and RFIs.
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Insurance Stand-alone Rating Systems
Use our directory to find stand-alone rating systems available to P&C and life insurance companies. Stand-alone rating sytems externalize the rates, rules, and logic associated with rating from the policy administration system. A rating engine is used to calculate the premium associated with a policy or other transaction. rating engines store the rating rules and algorithms, the base rates and asssociated factors and the rules necessary to combine the rates and algorithms to calculate a premium. Research the stand-alone rating market in our directory, analyze the features and functions available in the systems, and create short lists of vendor systems for your future buying needs.
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Managing General Agent (MGA) Administration Systems
Find MGA (Managing General Agent) systems on our financial technology solutions research platform and use our directory for vendor discovery. MGA systems are designed for managing general agents to handle their business. Use our guide to compare and evaluate these fintech solutions including reports and RFIs on the functionality of these solutions used by financial institutions such as insurance companies.
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New Business and Underwriting Systems - Life / Annuity Insurance
Find new business and underwriting systems on our financial technology solutions research platform, use the directory to discover and find new vendors, and our guide to compare and evaluate fintech software, including reports and RFIs on functionality, available to insurance companies.
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Policy Administration and Servicing (PAS) Systems - Health / Major Medical
Find Health / Major Medical Policy Administration and Servicing (PAS) systems on our financial technology solutions research platform. Use the directory for vendor discovery and use our guide to analyze, research, compare, and evaluate software including reports and RFIs on functionality used by financial institutions including insurers. A system of record containing current and historical information about healthcare policies issued by a health insurer. The system can also support other functions going from the front end like policy holder or medical providers portals to back-end components such as underwriting, claims, billing, etc. These are the core systems for an insurer.
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Policy Administration and Servicing (PAS) Systems - Individual / Group Life / Annuity / Pension Closed Block
Find Individual / Group Life / Annuity / Health / Pension Closed Block Policy Administration and Servicing (PAS) systems on our financial technology solutions research platform. Use the directory for vendor discovery and use our guide to analyze, research, compare, and evaluate software including reports and RFIs on functionality used by financial institutions including insurers. A closed block policy administration system is a system of record containing current and historical information about policies issued by an insurer that are no longer actively sold. It may also include other information about submissions for coverage, underwriting, rating and pricing, etc.
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Policy Administration and Servicing (PAS) Systems - Individual / Group Life / Annuity / Pensions
Find Indiviual / Group Life / Annuity / Pensions / Health Policy Administration and Servicing (PAS) systems on our financial technology solutions research platform. Use the directory for vendor discovery and use our guide to analyze, research, compare, and evaluate software including reports and RFIs on functionality used by financial institutions including insurers. A policy administration system is a system of record containing current and historical information about policies issued by a life insurer. The system can also support other functions going from the front end like policy holder or medical providers portals to back-end components such as underwriting, claims, billing, etc. These are the core systems for an insurer and typically do the following: automatic processing such billing, anniversary processing, premium calculations, regulatory compliance, accounting extracts, and commission calculation, and processes policy changes, payments, withdrawals, fund updates, and nonforfeiture.
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Policy Administration and Servicing (PAS) Systems - P&C / General Insurance
Use our directory to find policy administration and servicing (PAS) systems available to financial institutions such as insurance companies. A PAS system is the primary system of record for property & casualty/general/specialty insurance business operations. Research the market through our online platform, discover vendors through our directory, and evaluate PAS software with analysis and comparison of their functionality through our reports and RFIs.
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Product Design and Development Software
Use our directory to find product management systems available to financial institutions such as insurance companies. Product Management systems externalize the product definition from the policy administration system. Research the market through our online platform, discover vendors through our directory, and evaluate product management software with analysis and comparison of their functionality through our reports and RFIs.
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Underwriter Workstations - P&C / General Insurance
Use our directory to find underwriting desktop systems and solutions available to financial institutions such as insurance companies. An underwriting workstation consolidates all the tools, risk information, third-party data, and reports that underwriters and producers need to collaborate productively on risk assessment decisions. Research the market through our online platform, discover vendors through our directory, and evaluate underwriting software with analysis and comparison of their functionality through our reports and RFIs.
WHAT ARE CORE INSURANCE SYSTEMS?
Insurance core systems the systems that insurers use for their core processes of policy administration, billing, and underwriting. Supporting systems such as product management, illustrations, eApplications, and rating are also included in this category. Claims is a separate category.
CELENT CAN HELP YOU FIND AND EVALUATE CORE INSURANCE SYSTEMS VENDORS
Celent Digital Services is a web-based vendor research platform, transforming vendor sourcing and due diligence. Our unique, collaborative approach to vendor research, where vendors respond centrally to surveys and share this information on a multi-lateral basis, creates a hub of vendor due diligence data supporting the most comprehensive vendor research facility available to the financial community. Celent Digital Services provides real-time research with data updated at the point of use, greater accuracy and depth of information, improved usability with tools to analyse the data and because its online, easier access anytime of the day. Our multi-lateral approach to data sharing means it’s more efficient for vendors and financial institutions to request and share vendor due diligence and evaluation information.