2014 APAC New Business and Underwriting Systems: A Vendor Spectrum

by Wenli Yuan, May 21, 2014
Vendor Reviews
Asia-Pacific

Abstract

For an insurer replacing their new business and underwriting system, the options currently available are no different than what may be considered for any other system: build, buy, or restructure what is already there.

In the report 2014 APAC New Business and Underwriting Systems: A Vendor Spectrum, Celent reviews new business and automated underwriting systems available to insurers in Asia-Pacific. The report profiles nine automated new business and underwriting systems for life and annuities products.

Today’s new business and underwriting systems collect structured data, triage risk, and identify underwriting requirements, as well as fulfilling back office processes and analyzing the resulting data. They can help insurers reduce costs by moving some of the traditional back office processes into the front office, as well as improve profitability by giving insurers insights into the characteristics of applicants for product and pricing refinement.

“Life insurance new business and underwriting system vendors can be segmented three ways: vendors with best-of-breed systems, vendors with policy administration systems with stand-alone new business and underwriting components, and reinsurance solutions,” says Wenli Yuan, Senior Analyst with Celent's Asian Financial Services Group and author of the report. “This report should help insurers as they refine their new business and underwriting technology strategies and, where appropriate, create a list of appropriate vendors for evaluation.”

This report is the first Celent review of new business and automated underwriting systems available to insurers in Asia-Pacific. The report profiles nine new business and automated underwriting systems in use for life insurance.

Celent is a research and advisory firm dedicated to helping financial institutions formulate comprehensive business and technology strategies. Celent publishes reports identifying trends and best practices in financial services technology and conducts consulting engagements for financial institutions looking to use technology to enhance existing business processes or launch new business strategies. With a team of internationally based analysts, Celent is uniquely positioned to offer strategic advice and market insights on a global basis. Celent is a member of the Oliver Wyman Group, which is a wholly-owned subsidiary of Marsh & McLennan Companies [NYSE: MMC].

Media Contacts

North America
Michele Pace
mpace@celent.com
Tel: +1 212 345 1366

Europe (London)
Chris Williams
cwilliams@celent.com
Tel: +44 (0)782 448 3336

Asia (Tokyo)
Yumi Nagaoka
ynagaoka@celent.com
Tel.: +81 3 3500 3023

Table of Contents

Executive Summary

1

Introduction

2

New Business and Automated Underwriting: Definition and Functionality

3

Report Methodology

7

C2L BIZ Solutions: SymbioSys Underwriting

8

LIDP Consulting Services Inc.: Underwriting and Issue Component of the Administrator

13

Munich Re: Allfinanz New Business Underwriting

18

NTT DATA DA Insurance Systems: FirstLife Underwriting

23

Polaris Technology Ltd: LIS Intellect Life Underwriting

28

Reinsurance Group of America Inc.: Aura

33

Sinosoft Co. Ltd.: LUS Underwriting and Case Management

38

Swiss Re: Magnum

43

Tata Consultancy Services: TCS BaNCS

48

Leveraging Celent’s Expertise

53

 

Support for Financial Institutions

53

 

Support for Vendors

53

Related Celent Research

54

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