What’s Next in Life and Annuity Policy Administration Systems

by Tom Scales, April 4, 2016
Product Trends/ Reviews
Global

Abstract

Celent predicts the future of policy administration systems over the next five years.

 

 

Celent discusses the future of policy administration systems and the features that will be differentiators in the marketplace.

The report looks at short-term table stakes, what it will take to stay in the game over the medium term, and, for the long term, ways to lead the field.

This 36-page report contains 23 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 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

Introduction

2

 

Configuration

3

Short Term: Table Stakes

4

 

Functional/Operational

4

 

Componentization

4

 

Reporting, Document Creation, and Analytics Integration

5

 

Modern User Interface Design

6

 

Agent and Policyholder Portals

7

 

Multiline Product Offerings

8

 

Product Configuration Outside of IT Department

8

 

Technology/Architecture

9

 

Cloud-Ready, Multi-Tenant Capabilities

10

 

Open Ecosystems

10

 

High Availability

12

 

Intuitive Configuration Tools

13

 

Externalization of Business Rules

14

 

Rating Test Tools

14

 

Integrated Workflow Management

15

 

Developer Tools

16

Medium Term: Staying in the Game

18

 

Functional/Operational/Technical

18

 

UBI and Micro-Term / Short-Term Product Configuration Support

19

 

Real-Time Underwriting

19

 

Real-Time Automated Claims Prevention

20

 

Collaboration

21

 

Cafeteria-Style Product Selection

21

 

IoT-Ready PAS

22

 

Integration of Automated Image and Video Recognition/Assessment

22

 

Blockchain Payments

24

Long Term — Leading the Field

25

 

Functional/Operational/Technical

25

Changing Implementations

27

Conclusion

29

Leveraging Celent’s Expertise

30

 

Support for Financial Institutions

30

 

Support for Vendors

30

Related Celent Research

31

Sign in to download reports and access personalized information