Life Insurers’ Perception of Policy Administration Systems: 2016 APAC Edition

by KyongSun Kong, June 30, 2016
Industry Trends
Asia-Pacific

Abstract

APAC life insurers are increasingly satisfied with their vendor’s implementation capabilities but not with the quality of professional services delivered after implementation.

In the report Life Insurers’ Perception of Policy Administration Systems: 2016 APAC 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 provide this report based on the customer feedback of PAS implementation to help vendors understand their insurer customers better,” says KyongSun Kong, an analyst with Celent's Asian Financial Services group and author of the report.

This report details Celent survey findings for APAC life 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, ease of use, 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 part 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

 

Key Research Questions

1

introduction

2

 

Key Research Questions

2

Survey Methodology

3

 

Survey Structure

3

 

Panel of Participants

3

PAS Adoption and Definition

4

 

PAS Replacement Cycle

4

 

Panel of Participants

5

The APAC Insurer Perception

7

 

Ease of Integration

7

 

IT Vendor Implementation and Post-Implementation Capabilities

8

 

Configuration Capabilities and IT Involvement

9

Final Thoughts

11

 

Recommendations for IT Vendors

11

 

Recommendations for Insurers

11

Leveraging Celent’s Expertise

13

 

Support for Financial Institutions

13

 

Support for Vendors

13

Related Celent Research

14

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