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

by Nicolas Michellod, May 19, 2016
Industry Trends
EMEA

Abstract

In evaluating policy administration systems and their respective vendors, perspectives from the insurers working with them are very valuable.

Seventy-three life insurers in EMEA provided their evaluation of various policy administration systems offered on the market in 2015. To provide a time-series view on trends, Celent has compared the 2015 results with prior survey data from 2009, 2011, and 2013.

In evaluating policy administration systems and their respective vendors, perspectives from the insurers working with them are very valuable.

Seventy-three life insurers in EMEA provided their evaluation of various policy administration systems offered on the market in 2015. To provide a time-series view on trends, Celent has compared the 2015 results with prior survey data from 2009, 2011, and 2013.

This report details the survey results regarding insurers’ perspectives in terms of features/functions, ease of integration, IT vendors’ implementation capabilities and professional services, configuration capabilities based a specific scenarios, and business staff involvement in system changes. The last section of the report provides our recommendations for IT vendors and insurers.

“We recommend that policy administration system vendors continue to adapt their PAS offering, considering insurance companies’ priorities and anticipating regional preferences, because they differ across countries,” says Nicolas Michellod, a senior analyst with Celent’s Insurance practice and author of the report. “Like last year, we encouraged vendors to shape different marketing messages to match insurers’ system priorities in each geography.”

This page report contains 19 figures and three tables.

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

1

 

Key Research Questions

1

Introduction

3

Survey Methodology

4

 

Survey Structure

4

 

Panel of Participants

4

PAS Adoption and Definition

6

 

PAS Replacement Cycle

6

 

Components Used

7

The UK Insurer Perception

9

 

Ease of Integration

9

 

IT Vendor Implementation and Post-Implementation Capabilities

9

 

Configuration Capabilities and IT Involvement

11

The Continental European Insurer Perception

13

 

Ease of Integration

13

 

IT Vendor Implementation and Post-Implementation Capabilities

13

 

Configuration Capabilities and IT Involvement

15

The Eastern European Insurer Perception

17

 

Ease of Integration

17

 

IT Vendor Implementation and Post-Implementation Capabilities

17

 

Configuration Capabilities and IT Involvement

19

The Middle Eastern and African Insurer Perception

21

 

Ease of Integration

21

 

IT Vendor Implementation and Post-Implementation Capabilities

21

 

Configuration Capabilities and IT Involvement

23

Final Thoughts

25

 

Recommendations for IT Vendors

25

 

Recommendations for Insurers

25

Leveraging Celent’s Expertise

27

 

Support for Financial Institutions

27

 

Support for Vendors

27

Related Celent Research

28

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