Group and Voluntary Life Insurance Policy Administration Systems: 2016 North American Vendor Spectrum
Celent has released a report titled Group and Voluntary Life Insurance Policy Administration Systems: 2016 North American Vendor Spectrum. The report was written by Karen Monks, analyst in Celent’s Insurance practice.
Group and voluntary life products are now critical components of most employee benefit packages. The evolution of these products, due in part to the Patient Protection and Affordable Care Act (PPACA), ratchets up pressure on insurers to make dramatic improvements to their supporting core systems. Competition among vendors in this space is fierce.
This report is part of a series on policy administration systems (PAS) in North America, Latin America, Europe, and Asia. It profiles the majority of the systems available in North America for insurers that sell group and voluntary life, health, ancillary and annuities products.
“Voluntary benefits are evolving quickly,” says Monks. “Responding to this and other drivers, insurers find they need to update or replace their core systems. This includes policy administration systems because legacy versions of these systems are often not flexible enough to meet the needs of employers, distribution channels, or consumers.”
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 part of Marsh & McLennan Companies [NYSE: MMC].
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Table of Contents
Group and Voluntary Life Insurance Market Trends
Group and Voluntary Life Insurance Policy Administration Systems: Definition and Functionality
Acess Meditech Private Limited: TOSHFA
Activus Limited: Act-isure
Concentrix Corporation: GIAS (General Insurance Administration Solution
EIS Group, Inc.: PolicyCore
FINEOS Corporation: FINEOS AdminSuite
InsPro Technologies: InsPro Enterprise
Majesco Ltd.: Majesco Policy for Life, Annuities and Group
Management Data, Inc.: FIMMAS
Oracle Corp.: Oracle Insurance Policy Administration
SAP SE: SAP Policy Management
Vitech Systems Group, Inc.: The V3 System
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