Policy Administration Systems for Property and Casualty Insurers in Asia 2009

by Wenli Yuan, September 30, 2009

Abstract

The insurance industry in some Asian countries developed very quickly, and newly established insurance companies and vendors have very few legacy burdens compared to their North American and European counterparts. As a result, the Asian insurance market has some of the newest, most advanced technology.

In a new report, Insurance Policy Administration Systems for Property and Casualty in Asia 2009, Celent looks at the policy administration systems available to property and casualty insurers in Asia.

Much of the Asia business is about building new infrastructure without the burden of legacy. This is driving needs for very advanced, Java etc. based technology. About 85% of the profiled solutions in the Asian market use Java as their primary language.

Asia has its own specific local requirements, plus the technology is new, so the functionality is perhaps inferior to the functionality of mature legacy products the same vendors offer in US/Europe. Hence, established vendors may not show up well in a vendor comparison. Some vendors still lack of local support in Asia.

“Insurance firms need to look specifically at the Asian capabilities of vendors, no matter how well established they are elsewhere,” says Wenli Yuan, senior analyst with Celent’s Asia Research Group and author of the report.

This report uses Celent’s 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. About 70% of the profiled vendors issued a major new release since 2007 that: upgraded the technology platform; broadened the range of functionality; or both.

The report profiles 13 policy administration systems, with nine full profiles and four limited profiles. Vendors covered in this report include 3i Infotech Asia Pacific, CSC, eBaoTech Corporation, FirstApex, Guidewire, IDIT Technologies, Innovation Group, iSoftStone, Mastek, Salix IS, Sinosoft, TCS, and Unirisx.

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].

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

3

Introduction

5

Policy Administration Systems: Definition and Functionality

6

The Business Case for Modern Policy Administration Systems

11

Report Methodology

13

Celent’s ABCD Vendor View

15

About the Profiles

18

3i Infotech Asia Pacific: PREMIA

19

CSC Computer Sciences Corporation: POLISY/Asia

25

eBaoTech Corporation: eBaoTech General Solution

30

FirstApex: FirstGen Neo 5j

35

IDIT I.D.I. Technologies Ltd: IDIT Software Suite

40

Innovation Group: Innovation Policy

45

Sinosoft: PIS

51

Tata Consultancy Services: TCS BaNCS

55

UniRisX LTD: UniRisX

61

Limited Profiles

66

Guidewire: Policy Center

67

iSoftStone: Property and Casualty Insurance Solution

71

Mastek: STG Policy

74

SALIX IS: Pharos

77

Comparative Charts

79

Concluding Thoughts

82

Leveraging Celent’s Expertise

85

Related Celent Research

86

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