Asia-Pacific Policy Administration Systems 2013: Life, Annuities, and Health ABCD Vendor View
Navigating the market of life and pension policy administration system vendors remains a difficult task. Celent profiles a majority of the life and pension insurance administration systems available in the Asia-Pacific region today.
In a new report Asia-Pacific Policy Administration Systems 2013: Life, Annuities, and Health ABCD Vendor View, Celent looks at the policy administration systems available to life insurers in the region. This report is part of a series on policy administration systems (PAS) in Europe, the United States, and Asia.
As a group, vendors continue to make important advances in usability and personalization. Many have added or upgraded web-based portal interfaces that benefit customer service representatives, underwriters, and different distribution forces. System administration capabilities for configuring products, rules, workflow, document management, and user interfaces have also improved.
Expanded PAS functionality and improved technology mean that insurers continue to have a wide spectrum of systems and vendors to consider when they are looking for a solution to fit their needs.
There is no single best policy administration solution for all insurers. There are a number of good choices for an insurer with almost any set of requirements.
“Insurers seeking a new core policy administration system should begin the process by looking inward,” says Wenli Yuan, Senior Analyst with Celent's Asian Financial Services Group and author of the report. “Insurers should seek to understand and weigh the capabilities of each vendor and each solution.”
The Asia-Pacific IT vendor landscape is increasingly difficult to navigate and, for insurers, the selection of a PAS requires the analysis of different parameters of varying importance. Celent recommends that insurers define and rank their priorities when reviewing this important question
This report is not intended to provide an insurer with all the tools they need to choose the “right” policy administration system, though it can help an insurer take the first steps toward shortening a long list.
Celent profiles 22 policy administration systems in Asia Pacific, with 9 full profiles and 13 limited profiles, using its ABCD Vendor View, which is a standard representation of a vendor marketplace designed to show at a glance the relative positions of each vendor in four categories: Advanced technology, Breadth of functionality, Customer base, and Depth of client services.
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].
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Table of Contents
Policy Administration Systems: Definition and Functionality
Celent’s ABCD Vendot View
About the Profiles
3i Infotech Limited: Premia Life Insurance Solution
AETINS: ISF Life
Bravura Solutions: Sonata
CSC: Integral LIFE
eBaoTech Corporation: eBaoTech Life System
GBST Wealth Management: Composer
Sinosoft Co Ltd: LIS
Tata Consultancy Services: TCS BaNCS
C2l BIZ Solutions: SymbioSis - PAS
EAB Systems Limited: iLife
HP: RADIENCE Administration
LIPD Consulting Services Inc.:
Mastek Ltd.: Elixir Asia
MphasiS Wyde: Wynsure
NTT Data Insurance Systems: FirstLife
Oracle: Oracle Insurance Policy Administration
SAP AG: SAP Policy Management
SunGard Data Systems: iWorks Compass
Leveraging Celent’s Expertise
Support for Financial Institutions
Support for Vendors
Related Celent Research