North American Policy Administration Systems 2015: Life, Annuities, Pension, and Health ABCD Vendor View

by Colleen Risk,  Karen Monks,  Tom Scales, November 24, 2015
Vendor Reviews
North America

Abstract

Celent provides a detailed look at 26 policy administration systems for North American life, health, and annuities products.

In the report North American Policy Administration Systems 2015: Life, Annuities, Pension, and Health 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.

“At a time when insurers are evaluating next steps in aging systems, this report can provide invaluable information for their decision-making process. Celent profiles each vendor, in depth, and provides not only the facts of their capabilities, but our experience in the industry. As a former insurer COO and CIO, I know how useful this information will be to our customers,” says Tom Scales, research director of Celent’s North American Life and Health Insurance practice and coauthor of the report. 

“Legacy transformation projects or even adding a new system are large and complex projects for any insurer. There is no one system that meets the needs of all vendors; therefore it is imperative that insurers have an understanding of the market and the capabilities of the systems.  This report can help an insurer make an intelligent selection decision,” says Karen Monks, an 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. 

The report is nearly 200 pages and contains 41 figures and 104 tables. A table of contents, including the full list of vendors profiled, appears below.

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

Introduction

2

Policy Administration Systems: Definition and Functionality

4

Report Methodology

8

Celent’s ABCD Vendor View

12

Vendor Profiles

15

Accenture: Accenture Life Insurance & Annuity Platform (ALIP)

17

Airas Intersoft Ltd: iGas

25

Andesa Services, Inc.: Andesa Financial Administration System (AFAS)

32

Concentrix Corporation: GIAS (Genelco Insurance Administration System)

40

CSC: CyberLife

48

CSC: Next Gen (Working name pending completion of formal naming process)

54

CSC: Wealth Management Accelerator

60

EIS Group, Inc.: PolicyCore

68

EXL Service Holding Inc.: LifePRO

73

Flexible Architecture and Simplified Technology, Inc: FAST Policy Adminstration

81

FINEOS Corporation: FINEOS AdminSuite

88

Hewlett Packard: INGENIUM

93

IN MOTION SERVICIOS, S.A.: VisualTIME

99

InsPro Technologies: InsPro Enterprise

104

LIDP Consulting Services: The Administrator – Titanium Edition

112

Majesco Ltd: Majesco Policy for Life, Annuities and Group

118

Management Data, Inc.: FIMMAS

125

Mphasis-Wyde: Wynsure

133

Oracle Corp.: Oracle Insurance Policy Administration

140

SAP SE: SAP Policy Administration

148

Sapiens International: Sapiens ALIS

154

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

161

SunGard Data Systems Inc.: Compass

167

Sunlight Solutions, Inc.: Sunlight Suite

173

Tata Consultancy Services: TCS BaNCS

177

Vitech Systems Group, Inc.: The V3 System

183

Conclusion

189

Leveraging Celent’s Expertise

191

 

Support for Financial Institutions

191

 

Support for Vendors

191

Related Celent Research

192

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