North American Policy Administration Systems 2010: Life, Health, and Annuities ABCD Vendor View

by Craig Weber, January 25, 2010
Product Trends/ Reviews
North America

Abstract

Celent provides a detailed look at 18 policy administration systems for life, health, and annuities.

In a new report, North American Policy Administration Systems 2010: Life, Health, and Annuities ABCD Vendor View, Celent looks at policy administration systems available to insurers in North America. The report is part of a series on policy administration systems (PAS) in the United States, Canada, Europe, and Asia.


"Since Celent's 2007 report on the subject, all vendors have made considerable progress in modernizing their technology and in increasing product functionality over the past two years," says Craig Weber, Senior Vice President of Celent’s Insurance group and coauthor of the report. "For example, every vendor we looked at now supports Web services as an integration method, and virtually every user interface includes major elements which are Web-based."

“This report is intended to help carriers base vendor decisions and strategies on a wider range of factors, including soft but critical factors such as the cultural fit between the insurer and the vendor, and the availability of services that the insurer will require as part of its transformation,” adds Jeff Goldberg, Senior Analyst with Celent's Insurance group and coauthor of the report.

This report features Celent’s ABCD Vendor View. The ABCD Vendor View presents a comparative view of the vendor marketplace that visually represents four elements: Advanced technology and technical flexibility, Breadth of functionality, Customer base, and Depth of client services and solutions. The report also describes the core processes in a modern policy administration system, as well as the supporting capabilities and additional point solutions provided by vendors.

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

Policy Administration Systems: Definition and Functionality

6

Report Methodology

11

Celent’s ABCD Vendor View

13

About the Profiles

16

Accenture: Accenture Life Insurance Platform (ALIP)

17

CSC: CyberLIfe

23

CSC: Wealth Management Accelerator

30

InsPro Technologies: InsPro

37

MajescoMastek: Vector Policy Admin

44

Management Data, Inc.: FIMMAS

50

Oracle: Oracle Insurance Policy Administration

56

SEG Software: SEG Policy Administration Software

62

StoneRiver, Inc.: Insurance Database 3-Dimensional (ID3)

67

SunGard iWorks: Compass

73

Wyde Inc.: Wynsure

79

Limited Profiles

85

FIS Software: ALIS

86

IBM / Genelco Software Solutions: IBM Genelco Insurance Administration Solution (IBMGIAS)

88

MajescoMastek Ltd: Elixir Policy Administration System

90

SAP SAP Policy Management – FS-PM

92

Sistran: SISE

94

Tata Consultancy Services:  TCS BαNCS Insurance

96

Comparative Charts

98

Concluding Thoughts

102

Leveraging Celent’s Expertise

105

Related Celent Research

107

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