North American Policy Administration Systems 2011: Life, Health, and Annuities ABCD Vendor View

by Karen Monks,  Craig Weber, November 17, 2011
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 2011: 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 North America, EMEA, and Asia.

"The life and annuity policy administration market continues to evolve," says Craig Weber, Senior Vice President of Celent's Insurance group and coauthor of the report. "Every vendor we looked at this year has improved its offering in some way, and changes in company ownership have altered the landscape significantly. Even if you think you already know the players, this refreshed analysis will bring new insights."

“This report is intended to help insurers compare vendors on a wide range of factors.  Additionally, insurers can evaluate a vendor relative to their IT strategy by looking at hard and soft critical factors such as the availability of certain technical or functional features as well as the vendor’s availability of services that the insurer will require as part of system implementation and integration,” adds Karen Monks, Analyst with Celent’s Insurance group and coauthor of the report. 

This report features Celent’s ABCD Vendor View. The ABCD Vendor View presents comparative views of the vendor marketplace in four areas: 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

4

Policy Administration Systems: Definition and Functionality

6

Report Methodology

10

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

ExlService Holdings, Inc. EXL LifePro

36

FIS Software: ALIS

42

HP Enterprise Services: INGENIUM

48

InsPro Technologies LLC: InsPro Enterprise

55

MajescoMastek: Elixir North America Policy Administration System

61

Management Data, Inc. FIMMAS

68

McCamish Systems, an Infosys Company: VPAS

74

Oracle: Oracle Insurance Policy Administration for Life and Annuity

80

Rudd and Wisdom, Inc.: QL.Admin

86

StoneRiver ID3 

92

SnGard Data Systems: iWorks Compass

98

Wyde Solutions: Wynsure

104

Limited Profiles

111

FAST: FAST Insurance Components

112

HP Enterprise Services; RADIENCE

117

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

121

Comparative Tables

125

Concluding Thoughts

128

Leveraging Celent’s Expertise

131

Related Celent Research

132

Sign in to download reports and access personalized information