Policy Administration and Servicing (PAS) Systems - Individual / Group Life / Annuity / Pensions
Insurers use a policy administration system, either by itself or with closely integrated specific point solutions, to execute a number of core processes and relies on several types of supporting capabilities.
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Celent recognizes that the strength of any policy administration platform is somewhat dependent on the life insurance company’s needs and business. Many life insurers leverage modern systems to digitize their business.
Life insurers often run a complex system landscape with redundant functions
Do life insurers try to simplify and digitize their core system environment?
It is hard to integrate and expose relevant services in digital front end interface when dealing with siloed legacy systems. Insurers are challenging their existing system segmentation and technology readiness to digitize their business.
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Search our full range of content →Deal Trends in the 2023 North American Life Insurance Policy Administration Market