Group and Voluntary Life Insurance Policy Administration Systems: 2016 North American Vendor Spectrum

by Karen Monks,  Mohammed Mahfuz, September 7, 2016
Vendor Reviews
North America

Abstract

Celent has released a report titled Group and Voluntary Life Insurance Policy Administration Systems: 2016 North American Vendor Spectrum. The report was written by Karen Monks, analyst in Celent’s Insurance practice.

Group and voluntary life products are now critical components of most employee benefit packages. The evolution of these products, due in part to the Patient Protection and Affordable Care Act (PPACA), ratchets up pressure on insurers to make dramatic improvements to their supporting core systems. Competition among vendors in this space is fierce.

This report is part of a series on policy administration systems (PAS) in North America, Latin America, Europe, and Asia. It profiles the majority of the systems available in North America for insurers that sell group and voluntary life, health, ancillary and annuities products.

“Voluntary benefits are evolving quickly,” says Monks. “Responding to this and other drivers, insurers find they need to update or replace their core systems. This includes policy administration systems because legacy versions of these systems are often not flexible enough to meet the needs of employers, distribution channels, or consumers.”

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

Group and Voluntary Life Insurance Market Trends

2

Group and Voluntary Life Insurance Policy Administration Systems: Definition and Functionality

7

Report Methodology

10

Vendor Profiles

12

Acess Meditech Private Limited: TOSHFA

13

Activus Limited: Act-isure

17

Concentrix Corporation: GIAS (General Insurance Administration Solution

22

EIS Group, Inc.: PolicyCore

27

EXL: LifePRO

32

FINEOS Corporation: FINEOS AdminSuite

38

FIS: Compass

43

InsPro Technologies: InsPro Enterprise

48

Majesco Ltd.: Majesco Policy for Life, Annuities and Group

54

Management Data, Inc.: FIMMAS

62

Mphasis-Wyde: Winsure

67

Oracle Corp.: Oracle Insurance Policy Administration

73

SAP SE: SAP Policy Management

78

Vitech Systems Group, Inc.:  The V3 System

84

Conclusion

89

Leveraging Celent’s Expertise

91

 

Support for Financial Institutions

91

 

Support for Vendors

91

Related Celent Research

92

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