Life Insurers Increasingly Turning to SaaS Core Systems for Speed of Operations
Vendor market remains diverse; Novarica profiles more than 20 policy administration solutions in 300-page report
Boston, MA (June 23, 2020) – While the impact of the COVID-19 pandemic on core transformation projects remains unclear, it has exposed a range of risks and challenges associated with aging technology environments that could impact future state investment strategies. In its 13th annual Novarica Market Navigator report on Life/Health/Annuity Policy Administration Systems, research and advisory services firm Novarica provides an overview of the available policy administration systems and suites for US life/health/annuity insurers, as well as profiles of 23 vendor solutions.
“Some insurers now see new PAS deployments as part of a broader strategy for line of business management that complements a broader BPO strategy,” said Deb Culliton, Vice President of Research and Consulting, and lead author of Novarica’s new report. “The COVID-19 pandemic has introduced a number of new risk factors that insurers need to consider in their future state planning. This includes close evaluation of financial and operational risks associated with both software and BPO/ITO providers.”
Each profile summarizes the vendor organization, technology, differentiators, client base, lines of business supported, deployment options, implementation, upgrades/enhancements, and key functionality.
Click here for the table of contents or to access the report.
Report Summary
Many modern life/health/annuity solutions are maturing and provide more flexible and configurable architectures as well as stand-alone module capabilities. This report provides an overview of the available policy administration systems and suites for US life/health/annuity insurers. The report contains profiles of 23 vendor solutions, summarizing the vendor organization, technology used, differentiators, client base, lines of business supported, deployment options, implementation approaches, upgrades/enhancements, and key functionality.
Vendors included: Accenture, Andesa Services, Concentrix, DXC, EIS Group, EXL, FAST, FINEOS, FIS, Infosys McCamish, InsPro Technologies, InsurIQ, iPipeline, LIDP Consulting Services, Majesco, Management Data Inc., Mphasis, Oracle, Sapiens, Socotra, Tata Consultancy Services, and Vitech Systems Group.
Click here for the table of contents or to access the report.
About Novarica
Novarica helps more than 100 insurers make better decisions about technology projects and strategy through retained advisory services, published research, and strategy consulting. Its knowledge base covers trends, benchmarks, best practices, case studies, and vendor solutions. Leveraging the expertise of its senior team and more than 300 CIO Research Council members, Novarica provides clients with the ability to make faster, better, more informed decisions. Its consulting services focus on vendor selection, custom benchmarking, project checkpoints, and IT strategy. For more information, visit www.novarica.com.
Source: Novarica
Tags: Accenture, core systems, Core Systems Modernization, EIS Group, Fineos, Infosys, Life & Annuity, Majesco, Mphasis, Novarica, Oracle, Sapiens, Software as a Service (SaaS), Vitech Read the original article at Insurance-Canada.ca