Life Insurers’ Perception of Policy Administration Systems: 2014 EMEA Edition

by Jamie Macgregor,  Nicolas Michellod, June 10, 2014
Industry Trends
EMEA

Abstract

Not every region is at the same level of investment in modern core insurance systems.

In the report Life Insurers’ Perception of Policy Administration Systems: 2014 EMEA Edition, Celent examines insurers’ perspectives in terms of ease of integration, IT vendors’ implementation capabilities and professional services, training required for end users, insurers’ evaluation of the system based on specific configuration scenarios, and some considerations around operational and business staff involvement.

“We recommend that IT vendors adapt their PAS offering, considering insurance companies’ priorities, anticipating regional preferences, and shaping their marketing messages accordingly,” says Jamie Macgregor, Senior Vice President of Celent’s Insurance Group and coauthor of the report.

“We think it is that important insurers map and prioritize existing functional requirements before evaluating PAS’s. They also need to define scenarios involving different approaches: full package, best of breed, etc.,” adds Nicolas Michellod, Senior Analyst with Celent’s Insurance Group and coauthor of the report.

This report details Celent survey findings for UK, Continental, Eastern European, and Middle East and African insurers in relation to insurers’ perception of the ease of integrating their PAS with internal applications and databases as well as external data sources, their evaluation of IT vendors’ implementation and post-implementation capabilities, training effort required before an end user can be productive with the policy administration system, and PAS configuration capabilities.

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

3

Survey Methodology

4

 

Survey Structure

4

 

Panel of Participants

4

PAS Adoption and Definition

7

 

PAS Replacement Cycle

7

 

Components Used

7

UK Insurers

9

 

Ease of Integration

9

 

IT Vendor Implementation and Post-Implementation Capabilities

9

 

Training Effort Required

11

 

Configuration Capabilities and IT Involvement

11

Continental European Insurers

14

 

Ease of Integration

14

 

IT Vendor Implementation and Post-Implementation Capabilities

14

 

Training Effort Required

16

 

Configuration Capabilities and IT Involvement

16

Eastern European Insurers

18

 

Ease of Integration

18

 

IT Vendor Implementation and Post-Implementation Capabilities

18

 

Training Effort Required

19

 

Configuration Capabilities and IT Involvement

20

Middle Eastern and African Insurers

22

 

Ease of Integration

22

 

IT Vendor Implementation and Post-Implementation Capabilities

22

 

Training Effort Required

23

 

Configuration Capabilities and IT Involvement

24

Final Thoughts

26

 

Recommendations for IT Vendors

26

 

Recommendations for Insurers

26

Leveraging Celent’s Expertise

27

 

Support for Financial Institutions

27

 

Support for Vendors

27

Related Celent Research

28

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