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  5. 2014 APAC New Business and Underwriting Systems: A Vendor Spectrum

2014 APAC New Business and Underwriting Systems: A Vendor Spectrum

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21 May 2014
Wenli Yuan

Abstract

For an insurer replacing their new business and underwriting system, the options currently available are no different than what may be considered for any other system: build, buy, or restructure what is already there.

In the report 2014 APAC New Business and Underwriting Systems: A Vendor Spectrum, Celent reviews new business and automated underwriting systems available to insurers in Asia-Pacific. The report profiles nine automated new business and underwriting systems for life and annuities products.

Today’s new business and underwriting systems collect structured data, triage risk, and identify underwriting requirements, as well as fulfilling back office processes and analyzing the resulting data. They can help insurers reduce costs by moving some of the traditional back office processes into the front office, as well as improve profitability by giving insurers insights into the characteristics of applicants for product and pricing refinement.

“Life insurance new business and underwriting system vendors can be segmented three ways: vendors with best-of-breed systems, vendors with policy administration systems with stand-alone new business and underwriting components, and reinsurance solutions,” says Wenli Yuan, Senior Analyst with Celent's Asian Financial Services Group and author of the report. “This report should help insurers as they refine their new business and underwriting technology strategies and, where appropriate, create a list of appropriate vendors for evaluation.”

This report is the first Celent review of new business and automated underwriting systems available to insurers in Asia-Pacific. The report profiles nine new business and automated underwriting systems in use for life insurance.

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