Life Insurers’ Perception of Policy Administration Systems: 2016 North America Edition

by Karen Monks, May 11, 2016
Industry Trends
North America

Abstract

In the report Life Insurers’ Perception of Policy Administration Systems: 2016 North America Edition, Celent examines insurers’ perspectives in terms of ease of integration, IT vendors’ implementation capabilities and professional services, training required for end users, insurers’ evaluation of the system based on specific configuration scenarios, and some considerations around operational and business staff involvement.

“Existing customer feedback is an integral part of evaluating a vendor system. Feedback on features/functions, integration capabilities, and ease of use all help an insurer compare one system to another when shortlisting vendors,” says Karen Monks, an analyst with Celent’s Insurance practice and author of the report.

This report details Celent survey findings for North American insurers’ perception of the ease of integrating their PAS with internal applications and databases as well as external data sources, their evaluation of IT vendors’ implementation and post-implementation capabilities, ease of use, and PAS configuration capabilities.

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

 

Key Research Questions

1

Introduction

2

 

Key Research Questions

2

Survey Structure

3

 

Survey Structure

3

 

Panel of Participants

3

PAS Adoption and Definition

4

 

PAS Replacement Cycle

4

 

Components Used

5

The North American Insurer Perception

7

 

Ease of Integration

7

 

IT Vendor Implementation and Post-Implementation Capabilities

8

 

Configuration Capabilities and IT Involvement

9

Final Thoughts

12

 

Recommendations for IT Vendors

12

 

Recommendations for Insurers

12

Leveraging Celent’s Expertise

14

 

Support for Financial Institutions

14

 

Support for Vendors

14

Related Celent Research

15

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