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TRANSCRIPT
Karen Monks and Chuck Johnston November 2013
NORTH AMERICAN POLICY ADMINISTRATION SYSTEMS 2013 LIFE, ANNUITIES, AND HEALTH ABCD VENDOR VIEW
THIS AUTHORIZED REPRINT CONTAINS MATERIAL EXCERPTED FROM A RECENT CELENT REPORT PROFILING AND EVALUATION 24 DIFFERENT LIFE / ANNUITIES / PENSION / HEALTH POLICY ADMINISTRATION SYSTEM VENDORS IN NORTH AMERICA. THE FULL REPORT IS 136 PAGES LONG. THIS REPORT WAS NOT SPONSORED BY SAPIENS IN ANY WAY. THIS REPRINT WAS PREPARED SPECIFICALLY FOR SAPIENS, BUT THE ANALYSIS PRESENTED HAS NOT BEEN CHANGED FROM THAT PRESENTED IN THE FULL REPORT. FOR MORE INFORMATION ON THE FULL REPORT, PLEASE CONTACT CELENT AT [email protected].
CONTENTS
Introduction.......................................................................................................................... 1 Report Methodology ............................................................................................................ 2 Celent’s ABCD Vendor View ............................................................................................... 5 About the Profiles ................................................................................................................ 7 Sapiens: ALIS ................................................................................................................... 10 Leveraging Celent’s Expertise .......................................................................................... 17 Related Celent Research .................................................................................................. 18
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INTRODUCTION
This report is part of a series on policy administration systems (PAS) in North America, Europe, and Asia. It profiles the majority of the life, health, and annuities insurance administration systems available in North America today.
This report includes full profiles for the 17 systems that fully met the inclusion criteria described in the “Report Methodology” section of this report. Eight limited profiles are provided for market entrants and those systems that for a variety of reasons did not fully meet the inclusion criteria. For a full list of vendors in this report, see Table 1 on page 3.
Since Celent’s first report in 2005, activity level has remained active among both insurers and PAS vendors. In the two and a half years from January 2011 to June 2013, nearly 50 life insurers licensed a new PAS.
This report uses Celent’s ABCD vendor view, which is our 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. Insurers should consider which factors in breadth, technology, experience, and client service are most important to them, and review the detailed profiles in this report to assess vendor suitability.
Like in our last report, vendors continue to make important advances in usability and personalization. Many added or upgraded web-based portal interfaces 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—although,overall, these changes have occurred at a more modest pace than improvements for end users. Additionally, the systems profiled continue to add support for new lines of business, particularly group products.
Despite the ongoing economic uncertainty in the United States, insurers have continued to renew and/or replace PAS. We believe that these initiatives are necessary to help the industry address growth, service, and distribution imperatives. This report should help insurers refine their core systems strategies and, where appropriate, create a list of appropriate vendors for evaluation. Expanded PAS functionality and improved technology means 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.
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REPORT METHODOLOGY
CRITERIA FOR INCLUSION Celent’s objective has been to include in this report as many as possible of the leading life/health/annuity policy administration systems (PAS) being used or actively sold to North American insurers.
This report contains two types of profiles: full and limited. The topics covered in both types of profiles are broadly similar; however, full profiles are written with more detail and include comments from reference insurers. Additionally, vendors with PAS written as a full profile are included in the Celent ABCD vendor view; limited profile systems are not.
The four key criteria to be included as a full profile are:
• At least three North American life, health, or annuities insurance customers in production with the current version of the system.
• At least one new sale to one new North American life, health, or annuities insurance customer within the last 24 months.
• Support for and live implementation of at least two lines of business. • Participation by at least two reference customers.
These criteria were designed to maximize the number of systems that can be reasonably expected to remain available (and viable) based on vendor size and strength, maturity of each product and its client base, and other important factors.
The Limited Profile sections include nine vendor systems that did not meet the criteria for a full evaluation or for other reasons opted to be a limited profile. Although the systems are profiled in a limited manner, the vendors did provide significant information about their offerings. In two cases the vendors are well established in North America and may meet the criteria for the full profile, but the vendor opted to have a limited profile in this report.
EVALUATION PROCESS Celent sent a detailed RFI to a broad set of PAS vendors. After Celent received completed RFIs, each vendor provided a briefing and demo for Celent concentrating on usability and functionality for everyday users as well as rules, tools, and connectivity issues for IT or administrative users.
Celent also asked at least two references provided by each vendor to complete a survey and/or an interview in order to obtain their view of the system’s business and technology value.
Both the RFIs and the reference surveys provided quantitative and qualitative data that was included in the system profiles. Vendors had an opportunity to review their profiles for factual accuracy but did not influence the overall evaluation of the system or the vendor’s placement in the ABCD Vendor View. Celent has retained final authority over the content of the published profiles. Some of the vendors profiled in this report are Celent clients, and some are not. No preference was given to Celent clients either for inclusion in the report or for the subsequent evaluation.
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Not all data gathered from the detailed RFI, vendor briefing and demo, and reference surveys/interviews has been included in each profile. Rather, Celent has attempted to capture key points and values about each vendor at an appropriate level. Unpublished information remains in the Celent knowledge base and is available to Celent’s subscription or consulting clients.
A detailed list of vendors profiled in this report is shown in Table 1.
Table 1: Vendors Profiled in this Report
FULL PROFILES
ACCENTURE Accenture Life Insurance Platform (ALIP)
AIRAS INTERSOFT iGas
CSC CYBERLIFE CyberLife
CSC WMA Wealth Management Accelerator
EXL SERVICES LifePRO
FAST FAST
HP INGENIUM
IBM GENELCO GIAS
INSPRO InsPro Enterprise
MAJESCOMASTEK Elixir North America
MANAGEMENT DATA FIMMAS
MPHASIS WYDE Wynsure
ORACLE Oracle Policy Administration for Life/Annuity
RUDD & WISDOM QL.Admin
SAPIENS ALIS
STONERIVER ID3
SUNGARD iWorks Compass
LIMITED PROFILES
C2L BIZ Symbiosis - PAS
EXAXE Income Plus and Invest Plus
HP RADIENCE
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INFOSYS MCCAMISH VPAS
INSURANCE GLOBAL OPERATIONS IGO6
LIDP The Administrator
TCS BaNCs
Source: Celent
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CELENT’S ABCD VENDOR VIEW
Celent’s framework for evaluating vendors is called the Celent ABCD Vendor View. This 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. The Celent ABCD Vendor View shows relative positions of each solution evaluated. Each vendor solution is judged relative to the others in the group.
While this is a standard tool that Celent uses across vendor reports in many different areas, each report will define each category slightly differently. For this report, some of the factors used to evaluate each vendor are listed in Table 2.
Table 2: Examples of Possible Factors Used in Celent Policy Administration System ABCD
ABCD CATEGORIES POSSIBLE FACTORS
Advanced Technology (and flexible technology)
Modernity of platform
Deployment option flexibility (i.e., range of databases, application servers, etc. supported)
Core adaptability/extendibility (i.e., openness of application, code base, data model, etc.)
Ease of change (i.e., change tooling, impact evaluation support, etc.)
Breadth of Functionality Functions and features provided in base offering
Power and ease of use of product and rules configuration
Power and ease of use of user interfaces
Supported lines of business and number of deployments for different lines of business
User experience
Customer Base Number of live insurers using the system for life, health, or annuities lines of business
New client momentum
Depth of Customer Service
Size and experience of professional services and support team
Insurers’ implementation experiences
Insurers’ post-implementation experiences
Source: Celent
THE XCELENT AWARDS XCelent within this framework, the top performers in each of the ABCD dimensions receive a corresponding XCelent Award:
• XCelent Technology for the leading Advanced Technology score • XCelent Functionality for the leading Breadth of Functionality score • XCelent Customer Base for the leading Customer Base score • XCelent Service for the Depth of Service score
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XCELENT TECHNOLOGY AND XCELENT FUNCTIONALITY Figure 1 positions each vendor along two dimensions: the vertical axis displaying the relative rankings for Advanced Technology and the horizontal axis showing relative Breadth of Functionality rankings. The XCelent Breadth of Functionality award goes to Sapiens.
Figure 1: XCelent Technology and XCelent Functionality
Source: Celent
Celent advises insurers to take into account past vendor results, but not to compare the placement of vendors in the charts from prior years because not only is the market changing, but so has our analysis. The criteria used to determine the A, B, C, and D rankings in this report are broadly similar, but not identical, to the criteria used in the previous Celent PAS vendor report published in 2011. For example, in this report we are considering new criteria in Advanced Technology related to testing and speed of change approaches. The market is also evolving due to acquisitions and partnerships, solutions development, and alternative delivery models.
We suggest that insurers consider their specific needs and each vendor for what it offers. Although they are very successful in one or more of the criteria, the XCelent Award winners may not be the best match for an insurer’s specific business goals and solution requirements.
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ABOUT THE PROFILES
Each of the profiles presents information about the vendor and solution; professional services and support capabilities; customer base and reference customer feedback; functionality and lines of business deployed; usability, product configuration, and workflow abilities; technology, implementations, and cost; and some summary comments.
Each profile includes a table of available end-to-end components which lists the vendor’s breakdown of its system into component parts. The profiles also include a list of in production and supported lines of business and the number of clients using the system for those products. Additionally, the profiles include a table of technology options.
Customer feedback was gathered through the use of an online survey. Each customer feedback section includes a diagram that displays the average ratings given to the vendor in the areas of implementation capabilities, post implementation professional services, satisfaction with features/functionality, ease of integration, and system configurability performance. Each average rating includes up to eight underlying ratings scored by the customer on a scale of 1 to 5 where 5 is excellent. Open ended comments regarding the system and the vendor are also included.
Table 3: Client Feedback Ratings Included in Diagram Averages
DIAGRAM AVERAGE (QUESTION ASKED) RATINGS INCLUDED IN AVERAGE*
SYSTEM'S FEATURES AND FUNCTIONS
(What has been your experience with INTEGRATING the system with other systems, tools, and data?)
• Product Configuration/Management
• Illustration
• eApplication
• Underwriting and Case Management
• Billing
• Commission Management
• Reinsurance Management
• Business Intelligence/Analytics
• Claims Management
• Distribution Management
• TRADING AND SETTLEMENT
• CUSTODY AND ADMINISTRATION
• Content Management
• Portal
• Document Automation
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EASE OF INTEGRATION (What has been your experience with INTEGRATING the system with other systems, tools, and data?)
• Rating systems—if from other vendor
• Billing system—if from other vendor
• Claims system—if from other vendor
• Financial system
• Reinsurance system
• Other internal applications and databases
• External data sources
VENDOR'S IMPLEMENTATION CAPABILITIES (If you are familiar with the original IMPLEMENTATION of this system at your company, how would you rate this vendor in the following areas?)
• Responsiveness
• Project management
• Implementation completed on time
• Implementation completed on budget
• Overall project success
• Knowledge of your business
VENDOR'S POST-IMPLEMENTATION PROFESSIONAL SERVICES
(AFTER implementation, how would you rate the vendor's professional services staff in the following areas?)
• Know their own solution
• Know the insurance business
• Know your insurance company
• Responsiveness
• Reliability
• Cost of services
• Quality of services
SYSTEM'S CONFIGURABILITY PERFORMANCE (If applicable, how would you RATE the configurability performance when performing the following actions?)
• Cloning an existing product to create a new product with overlapping but significantly different functionality
• Creating a new product basically from scratch based on standardized components
• Creating/using a user interface for use in a contact center, where queries based on customer name or policy number return all relevant policy data
• Creating rules that govern calculation functions and business process flows that are controlled by the system
Source: Celent *Scale 1 to 5, where 1 is poor and 5 is excellent. Not Applicable or No Opinion not included in average.
Concerning fees, Celent asked vendors to provide first-year license and first-year other implementation costs (work by the insurer, vendor, or third parties) for two hypothetical insurance companies:
• Insurance Company A, a smaller life carrier, with a DWP of US$250 million. • Insurance Holding Company B, with four operating companies, writing life and
disability in 45 states, with a total combined DWP of $2.1 billion.
When discussing insurance customers of the various solutions, the profiles may use the terms very small, small, medium, large, and very large insurers. Very small insurers (Tier 5) have under US$100 million in annual premium; small (Tier 4) have US$100 million to
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$499 million; medium (Tier 3) have US$500 million to $999 million; large (Tier 2) have US$1 billion to $4.9 billion; and very large (Tier 1) have US$5 billion or more.
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SAPIENS: ALIS
Sapiens (NASDAQ/TASE: SPNS) provides global packaged-based solutions to life insurance and pension companies. Its solutions are based on ALIS, a single modular software package, which manages the policy lifecycle of life insurance, pensions and investment products.
Table 4: Sapiens Company and Product Snapshot
COMPANY INFORMATION
COMPANY SIZE US$113.91 million (FYE 12/31/2012) company revenues. Source: sapiens.com
Approximately 1,000 corporate, 420 of whom provide professional services/support for ALIS. The average experience level of the team is seven years.
HEADQUARTERS LOCATION Global HQ - Israel
New Jersey, US (NA regional)
POLICY ADMINISTRATION SOLUTION
SYSTEM NAME ALIS
LAUNCH DATE 2000
LAST MAJOR RELEASE Version 6 (2011-2012) changed the infrastructure & foundation of the service layer and UI to extend SOA capabilities, screen flexibility and configurability.
Current version: 6.5 (April, 2013)
Future plans include transforming the product configuration module from Powerbuilder to Java.
DEPLOYMENT OFFERINGS
SAAS OFFERING No, however Cloud ALIS is on 2014 roadmap
MOBILE OFFERING Yes. ALIS user interface is browser agnostic and can be accessed via mobile devices. ALIS has been deployed as a native app on iOS for illustrations, quick quotes, and commission management.
BPO SERVICE OFFERING Yes, through a partner such as Wipro, however no BPO clients on ALIS.
Source: Sapiens
SUMMARY ALIS offers a wide range of policy administration features and functionality for a broad range of individual and group life, health and annuity lines of business. ALIS has the fastest growing client base in North America and has become one of the few products in the North America with regular appearances on client short-lists.
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The product has one of the most elegant and intuitive user interfaces on the market, with features such as context sensitive menu structures and ‘hover-over’ information pop-ups, all supported by a design principle that the user should never be more than 1-2 clicks away from the data. The graphical renditions for illustrations and other visual representations for the data, such as party relationships and time-based policy changes are also among the best that Celent have seen.
Having been successful in both the US and Europe, the product is rich in capabilities. Product configuration is well structured and documentation is supported through an online portal, where services created through the workbench can be published for internal business analysts and developers.
Since our 2011 report, the merger of Sapiens with FIS (the original software firm behind ALIS) has completed. Client feedback around the positioning of the merger has been broadly positive, with Sapiens seen as providing greater resources to ALIS for continued development and expansion of its professional services capabilities. However, as can be evidenced in the client feedback this year as well as in past years, more attention is required for ensuring implementation quality.
CUSTOMER BASE The following table lists the customer base of Sapiens for ALIS in North America. Sapiens target market for ALIS in North America is Tier 1 and 2 insurance companies across multiple product lines. The product has been sold mainly in North America and Europe; however it has also been sold in the Middle East and Australia.
Table 5: Sapiens Customer Base
NORTH AMERICAN CLIENTS Total clients in production = 3 including one TPA; Total clients in implementation mode = 4
NEW NORTH AMERICAN CLIENTS SINCE JAN. 1, 2011
6
NUMBER OF CLIENTS OUTSIDE OF GEOGRAPHY
UK/6 Israel/2 France/1 Belgium/1 Australia/1
MARQUEE CLIENTS Columbian Financial Group, Country Financial, Mutual Trust Life
CLIENTS ON MOST RECENT VERSION OF SOLUTION
2 (100%) including one TPA
Source: Sapiens
CUSTOMER FEEDBACK Two ALIS customers provided feedback. Both have less than $1B in premium and have individual term, whole and universal life products as well as individual fixed annuities in production on ALIS. One also uses ALIS to administer disability and LTC policies. One has been using ALIS for over three years while one is completing its implementation.
As shown in Figure 18 Sapiens and ALIS received above average ratings from their customers. Taking into account one insurer is at the end of implementation, Sapiens has room for improvement in their implementation capabilities. The customers did, however, comment positively on “vendor response and partnership with a common go live goal” and “staff is very knowledgeable and competent.” On the downside, one said Sapiens should “get better at estimating and hitting deadlines.”
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Regarding configurability, customers were mixed. One felt the “System has a solid life insurance structure and is very configurable,” but another said they wanted better “configurability of document management” and Sapiens should “ensure insurer can get to self-sufficiency quickly.” Insurers found that both business and IT were needed to configure products and rules. One common request was better technical and end use documentation.
Figure 2: Sapiens client feedback
Source: Sapiens client feedback survey
FUNCTIONALITY AND LINES OF BUSINESS ALIS offers most functionality bundled with the solution or through web services to third party providers for business intelligence, content and document management, and portals.
Table 6: High Level Component Availability
COMPONENT
CAN BE LICENSED/
INSTALLED AS STAND-ALONE COMPONENT
(WITHOUT PAS SOLUTION)
AVAILABLE ONLY
BUNDLED WITH PAS (NO
ADDITIONAL COST)
AVAILABLE ONLY
BUNDLED WITH PAS (WITH
ADDITIONAL COST)
AVAILABLE THROUGH ISV
PARTNER (NAMED IN
COMMENTS) NOT
AVAILABLE
PRODUCT CONFIGURATION/ MANAGEMENT
ILLUSTRATION
EAPPLICATION
UNDERWRITING AND CASE MANAGEMENT
1
2
3
4
5
System's features andfunctions
Ease of integration
Vendor'simplementation
capabilities
Vendor's post-implementation
professional services
System's configurabilityperformance
(1= very poor; 5 = excellent)
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COMPONENT
CAN BE LICENSED/
INSTALLED AS STAND-ALONE COMPONENT
(WITHOUT PAS SOLUTION)
AVAILABLE ONLY
BUNDLED WITH PAS (NO
ADDITIONAL COST)
AVAILABLE ONLY
BUNDLED WITH PAS (WITH
ADDITIONAL COST)
AVAILABLE THROUGH ISV
PARTNER (NAMED IN
COMMENTS) NOT
AVAILABLE
BILLING
COMMISSION MANAGEMENT
REINSURANCE MANAGEMENT
BUSINESS INTELLIGENCE / ANALYTICS
CLAIMS MANAGEMENT
DISTRIBUTION MANAGEMENT
TRADING AND SETTLEMENT
Settlement not available
CUSTODY AND ADMINISTRATION
CONTENT MANAGEMENT
PORTAL
DOCUMENT AUTOMATION
FULL AGENCY MANAGEMENT
WORKFLOW
Source: Sapiens
ALIS supports multiple currencies, as well as multiple languages. English, Hebrew, French and Flemish are currently in production. ALIS includes a mechanism to allow using any number of currencies with an exchange rate mechanism. The solution supports a double byte character set, and language and currency are supported on a single instance.
ALIS supports most protection, annuity, health and pension products as shown in Table 75, but only term, whole and universal life, fixed annuities and income protection are in production.
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Table 7: Supported Products
PRODUCT GROUP PRODUCT LINES
LEVEL OF SUPPORT (NUMBER OF INSURERS)
INDIVIDUAL GROUP
PROTECTION Term Life 2 Supported but not in production
Whole Life 2 Supported but not in production
Variable Life Supported but not in production
Supported but not in production
Universal Life 1 Supported but not in production
Variable Universal Life Supported but not in production
Supported but not in production
ANNUITIES Fixed Annuities 1 1
Variable Annuities Supported but not in production
Supported but not in production
HEALTH Short term Disability Supported but not in production
Supported but not in production
Long term Disability Supported but not in production
Supported but not in production
Income protection 2 Supported but not in production
Long-Term Care Supported but not in production
Supported but not in production
Accident Insurance Supported but not in production
Supported but not in production
Critical Illness insurance Supported but not in production
Supported but not in production
Medical Insurance Supported but not in production
Not supported
Vision Insurance Supported but not in production
Not supported
Dental Insurance Supported but not in production
Not supported
PENSION Pension (Defined Contribution)
Supported but not in production
Supported but not in production
Pension (Defined Benefit) Supported but not in production
Wrap Supported but not in production
Supported but not in production
SAVINGS Long-Term Savings (Bonds, Mutual Funds, etc)
Supported but not in production
Source: Sapiens
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TECHNOLOGY Technology options for ALIS are listed in Table 76.
Table 8: Technology Options
CODE BASE
FEATURES/FUNCTIONS/SCREENS FOR EVERYDAY BUSINESS USERS
60% Java, 40% C++
CONFIGURATION AND DEVELOPMENT 55% Java, 35% C++, 10% PowerBuilder
PLATFORM
LANGUAGE Java
Redesigning the configuration console to provide a fully browser-based UI and completely eliminate PowerBuilder.
OPERATING SYSTEMS AND SERVERS OS: Windows, Unix (various types), Linux.
Servers: Websphere, Web Logic, Jboss, Apache Tomcat
USER INTERFACES
INTERNAL BUSINESS USER 100% Browser-Based (HTML 5), 100% Browser-Based (HTML with Ajax/Web 2.0)
CONFIGURATION AND DEVELOPMENT 100% Browser-Based (HTML 5), 100% Browser-Based (HTML with Ajax/Web 2.0)
DATABASES
PREFERRED OPTIONS Oracle, Microsoft SQL Server, DB2/UDB
ADDITIONAL OPTIONS Sybase, other SQL
WEB SERVICES / INTEGRATION OPTIONS
PREFERRED OPTIONS SOA/Web Services, ACORD Standard XML, other XML, MQSeries, JMS or similar queue technology
ADDITIONAL OPTIONS Flat files, Custom API
Source: Sapiens
IMPLEMENTATION, PRICING, AND SUPPORT The average time to get the first line of insurance live is typically seven to twelve months depending on the integration requirements and the level of configuration required, with second and subsequent lines taking a shorter four to six months. A typical Sapiens project team is between 20 and 30 people, but can vary depending on the size of the client. For an initial ALIS implementation the project team would consist of resources from both Sapiens (70%) and the client (30%). Sapiens is willing to work with third party system integrators. In the past Sapiens has worked with IBM and Deloitte to name but a few.
The main cost in the first year comes from the initial installation and customization, which takes 70% of the cost. The remainder is split between the software license (20%) and annual maintenance (10%). Sapiens usually offers perpetual term licenses with single premium and annuity options. The license fees are in general based on premium volume,
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number of product lines to be supported, volume of total policies, and number of concurrent users or a flat fee.
The total cost can vary widely according to the capabilities and available resources of the client, and the overall scope of system use, including the number of components and lines of business. For a typical regional insurance company with writing in five states with multiple lines of business, producing annual premium of US$250 million, the total cost including license, implementation and maintenance would be in the range of US$7 million and US$13 million. For a typical insurance holding company with four L/H companies, writing business in twenty or more states, with a total combined DWP of US$2.1 billion, a larger fee between US$11 million and US$23 million would be charged in the first year, which includes license fees costing between US$1 million to US$3 million. Assuming Year 1 is mainly focused on initial implementation of ALIS, Year two cost of maintenance is typically 20% of the license fee.
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LEVERAGING CELENT’S EXPERTISE
If you found this report valuable, you might consider engaging with Celent for custom analysis and research. Our collective experience and the knowledge we gained while working on this report can help you streamline the creation, refinement, or execution of your strategies.
SUPPORT FOR FINANCIAL INSTITUTIONS Typical projects we support related to policy administration systems include:
Vendor short listing and selection. We perform discovery specific to you and your business to better understand your unique needs. We then create and administer a custom RFI to selected vendors to assist you in making rapid and accurate vendor choices.
Business practice evaluations. We spend time evaluating your business processes, particularly in product administration and product updates. Based on our knowledge of the market, we identify potential process or technology constraints and provide clear insights that will help you implement industry best practices.
IT and business strategy creation. We collect perspectives from your executive team, your front line business and IT staff, and your customers. We then analyze your current position, institutional capabilities, and technology against your goals. If necessary, we help you reformulate your technology and business plans to address short-term and long-term needs.
SUPPORT FOR VENDORS We provide services that help you refine your product and service offerings. Examples include:
Product and service strategy evaluation. We help you assess your market position in terms of functionality, technology, and services. Our strategy workshops will help you target the right customers and map your offerings to their needs.
Market messaging and collateral review. Based on our extensive experience with your potential clients, we assess your marketing and sales materials—including your website and any collateral.
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RELATED CELENT RESEARCH
North American Policy Administration Systems 2011: Life, Annuity and Health ABCD Vendor View November 2011
Deal Trends and Predictions in the Life Insurance Policy Administration Solutions Market: The 2012 North American Edition January 2012
North American Software Deal Trends 2013: Life/Health/Annuity Edition June 2013
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Copyright Notice
Prepared by
Celent, a division of Oliver Wyman, Inc.
Copyright © 2013 Celent, a division of Oliver Wyman, Inc. All rights reserved. This report may not be reproduced, copied or redistributed, in whole or in part, in any form or by any means, without the written permission of Celent, a division of Oliver Wyman (“Celent”) and Celent accepts no liability whatsoever for the actions of third parties in this respect. Celent is the sole copyright owner of this report, and any use of this report by any third party is strictly prohibited without a license expressly granted by Celent. This report is not intended for general circulation, nor is it to be used, reproduced, copied, quoted or distributed by third parties for any purpose other than those that may be set forth herein without the prior written permission of Celent. Neither all nor any part of the contents of this report, or any opinions expressed herein, shall be disseminated to the public through advertising media, public relations, news media, sales media, mail, direct transmittal, or any other public means of communications, without the prior written consent of Celent. Any violation of Celent’s rights in this report will be enforced to the fullest extent of the law, including the pursuit of monetary damages and injunctive relief in the event of any breach of the foregoing restrictions.
This report is not a substitute for tailored professional advice on how a specific financial institution should execute its strategy. This report is not investment advice and should not be relied on for such advice or as a substitute for consultation with professional accountants, tax, legal or financial advisers. Celent has made every effort to use reliable, up-to-date and comprehensive information and analysis, but all information is provided without warranty of any kind, express or implied. Information furnished by others, upon which all or portions of this report are based, is believed to be reliable but has not been verified, and no warranty is given as to the accuracy of such information. Public information and industry and statistical data, are from sources we deem to be reliable; however, we make no representation as to the accuracy or completeness of such information and have accepted the information without further verification.
Celent disclaims any responsibility to update the information or conclusions in this report. Celent accepts no liability for any loss arising from any action taken or refrained from as a result of information contained in this report or any reports or sources of information referred to herein, or for any consequential, special or similar damages even if advised of the possibility of such damages.
There are no third party beneficiaries with respect to this report, and we accept no liability to any third party. The opinions expressed herein are valid only for the purpose stated herein and as of the date of this report.
No responsibility is taken for changes in market conditions or laws or regulations and no obligation is assumed to revise this report to reflect changes, events or conditions, which occur subsequent to the date hereof.
For more information please contact [email protected] or:
Karen Monks [email protected] Chuck Johnston [email protected] NORTH AMERICA EUROPE ASIA
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Tel.: +1.617.262.3120 Fax: +1.617.262.3121
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Tel.: +33.1.73.04.46.19 Fax: +33.1.45.02.30.01
Japan
The Imperial Hotel Tower, 13th Floor 1-1-1 Uchisaiwai-cho Chiyoda-ku, Tokyo 100-0011
Tel: +81.3.3500.3023 Fax: +81.3.3500.3059
USA
1166 Avenue of the Americas New York, NY 10036
Tel.: +1.212.541.8100 Fax: +1.212.541.8957
Germany
Marstallstrasse 11 80539 Munich
Tel: +49.89.242.68.581 Fax: +49 89.939.495.21
China
Beijing Kerry Centre South Tower, 15th Floor 1 Guanghua Road Chaoyang, Beijing 100022
Tel: +86.10.8520.0350 Fax: +86.10.8520.0349
USA
Four Embarcadero Center, Suite 1100 San Francisco, California 94111
Tel.: +1.415.743.7900 Fax: +1.415.743.7950
United Kingdom
55 Baker Street London W1U 8EW
Tel.: +44.20.7333.8333 Fax: +44.20.7333.8334
India
Level 14, Concorde Block UB City, Vittal Mallya Road Banglalore, India 560001
Tel: +91.80.40300538 Fax: +91.80.40300400