Asia-Pacific Policy Administration Systems 2013: Life, Annuities, and Health ABCD Vendor View

by Wenli Yuan, November 19, 2013
Vendor Reviews
Asia-Pacific

Abstract

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].

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

Policy Administration Systems: Definition and Functionality

3

Report Methodology

6

Celent’s ABCD Vendot View

8

About the Profiles

11

3i Infotech Limited: Premia Life Insurance Solution

13

AETINS: ISF Life

20

Bravura Solutions: Sonata

26

CSC: Integral LIFE

32

eBaoTech Corporation: eBaoTech Life System

38

GBST Wealth Management: Composer

45

HP: Ingenium

51

Sinosoft Co Ltd: LIS

57

Tata Consultancy Services: TCS BaNCS

63

Limited Profiles

70

C2l BIZ Solutions: SymbioSis - PAS

71

EAB Systems Limited: iLife

74

Fadata: INSIS

76

HP: RADIENCE Administration

79

IBM: GIAS

82

LIPD Consulting Services Inc.:
The Administrator

85

Mastek Ltd.: Elixir Asia

87

MphasiS Wyde: Wynsure

90

NTT Data Insurance Systems: FirstLife

92

Oracle: Oracle Insurance Policy Administration

95

SAP AG: SAP Policy Management

98

Sapiens: Alis

100

SunGard Data Systems: iWorks Compass

103

Conclusion

105

Leveraging Celent’s Expertise

108

 

Support for Financial Institutions

108

 

Support for Vendors

108

Related Celent Research

109

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