2014 EMEA New Business and Underwriting Systems: A Vendor Spectrum
For an insurer considering the replacement of 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 EMEA New Business and Underwriting Systems: A Vendor Spectrum, Celent reviews new business and automated underwriting systems available to insurers in Europe, the Middle East, and Africa. The report profiles 15 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 provide the potential for insurers to reduce costs by moving some of the traditional back office processes into the front office and to improve profitability by giving insurers insights into the characteristics of applicants for product and pricing refinement.
“The most recent generation of new business and underwriting systems accumulates underwriting data and uses that data to determine what is needed for underwriting requirements and to make adjustments to underwriting rules,” says Jamie Macgregor, Senior Vice President of Celent’s Insurance Group and coauthor of the report.
“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,” adds Nicolas Michellod, Senior analyst with Celent’s Insurance Group and coauthor of the report.
This report is the first Celent review of new business and automated underwriting systems available to insurers in Europe, the Middle East, and Africa. The report profiles 15 new business and automated underwriting systems in use for life insurance. It includes vendors with best-of-breed solutions, vendors with stand-alone new business and underwriting components within a policy administration suite, and reinsurance solutions.
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 subsidiary of Marsh & McLennan Companies [NYSE: MMC].
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Table of Contents
New Business and Automated Underwriting: Definition and Functionality
Accenture: ALIP Underwriting
C2L BIZ Solutions: SymbioSys Underwriting
Comarch SA: Comarch Underwriting
COR&FJA AG: COR.FJA Merica
Munich Re Automation Solutions: Allfinanz Interview Server Underwriting
NTT DATA FA Insurance Systems: FirstLife Underwriting
Polaris Financial Technology Ltd.: Intellect Product Suite Underwriting and Case Management
Resonant Software: Integrated Life Underwriting Solution
Reinsurance Group of America, Inc.: Aura
RGI Group: PASS_Insurance for Underwriting and Case Management
SAP: SAP Product and Policy Lifecycle
Softronic: ITM Underwriting and Case Management
Swiss Re: Magnum
TCP LifeSystems: SS/G Underwriting Engine
Tata Consultancy Service: TCS BaNCS
Leveraging Celent’s Expertise
Support for Financial Institutions
Support for Vendors
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