Life Insurers' Perception of Policy Administration System

A European Tour
by Jamie Macgregor,  Nicolas Michellod, February 14, 2012
Product Trends/ Reviews
EMEA

Abstract

Insurers’ perceptions of life and pension policy administration systems (PAS) and IT vendors differ across European regions. It is important for PAS providers to identify changes in insurers’ perceptions and for insurance companies to know whether their peers have the same satisfaction level.

In a new report, Life Insurers’ Perception of Policy Administration Systems: A European Tour, Celent reviews insurers’ perspectives of the key PAS features, ease of integration, IT vendors’ implementation capabilities, training required for end users, insurers’ evaluation of the system based on specific configuration scenarios, and some considerations around operational and business staff involvement.

“Managing an implementation project has a lot to do with the working culture knowing that a PAS provider becomes a long-term partner for an insurer as soon as the decision to implement its system is taken,” says Jamie Macgregor, Senior Analyst with Celent’s Insurance Group and coauthor of the report.

“Celent recommends that PAS vendors identify and execute corrective actions in order to improve the way they manage implementation projects and also how they coordinate tasks and communicate with their insurance clients during a PAS implementation,” adds Nicolas Michellod, Senior Analyst with Celent’s Insurance Group and coauthor of the report.

This report is the second version of a report providing results of a survey Celent launched in the frame of its biennial EMEA life and pension policy administration system report. This report not only summarizes the 2011 survey results but also provides a dynamic view on EMEA vendors and insurers’ perceptions of their systems in comparison to 2009 across three geographies: United Kingdom, Continental Europe, and Eastern Europe.

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 operating unit 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

3

Introduction

5

Survey Methodology

6

General Information

8

The UK Insurer Perception

12

The Continental European Insurer Perception

20

The Eastern European Insurer Perception

28

Final Thoughts

35

Leveraging Celent’s Expertise

37

Related Celent Research

38

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