New York, NY -- (SBWIRE) -- 08/10/2018 -- Life Insurance Policy Administration Systems Market: Introduction
The life insurance industry is witnessing shifting trends in the front-office, policy administration, and claims, the three core functions of the insurance value chain. Life insurance firms remain challenged by their inflexible legacy life insurance policy administration systems. Designing innovative products, faster time to market and leveraging modern technology for multi-channel distribution has become essential for life insurers. Hence insurers are looking for life insurance policy administration systems transformation to enhance their operational efficiency with a lower total cost of operations by consolidating their existing systems.
Life insurance policy administration software helps insurers manage life and annuity insurance policies. Life insurance policy administration systems allow insurers to develop and administer new life, annuity, pension, and health insurance products for clients. Using life insurance policy administration software systems, organizations can design new policies, calculate policy costs, and maintain a record of policies issued to clients. Some systems offer libraries of prebuilt insurance product features that reduce time to market. Life insurance policy administration software systems are commonly used by enterprise insurance organizations to manage existing policies and develop new insurance products. These systems can improve policy flexibility and administration. Life insurance policy administration software systems can be implemented either as a standalone solution or as part of an integrated insurance suite.
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Life Insurance Policy Administration Systems Market: Drivers and Challenges
Below listed are few of the driving factors of life insurance policy administration systems market: Life insurers seek to launch new and innovative products, hence, they need faster speed-to-market for these products. Multiple life insurance policy administration systems offer different interfaces to business users, making it difficult to understand and interact with the process. Life insurers also face issues with the data consistency and redundancy due to the existence of information across multiple repositories in the organization. This lowers customer satisfaction since it results in customer service inefficiencies. The old legacy systems have limited flexibility, sometimes due to hard-coded logic, which results in a challenge in the case of any new requirement or change in business rules and processes. All these factors are encouraging consumers to shift to life insurance policy administration systems.
Life Insurance Policy Administration Systems Market: Segmentation
Segmentation on the basis of component:
Segmentation on the basis of deployment type:
Life Insurance Policy Administration Systems Market: Key Market Players
Few of the companies in Life Insurance Policy Administration Systems market are: Accenture, Andesa Services, Concentrix, CSC (CyberLife), CSC (Wealth Management Accelerator), EXL, FAST Technology, Infosys McCamish, InsPro Technologies, Majesco, MDI, Mphasis Wyde, Oracle, Sapiens and Vitech Systems Group.
Life Insurance Policy Administration Systems Market: Regional Overview
Life insurance policy administration systems market is currently dominated by North America region owing to wide adoption of life insurance policy administration systems in order to improve efficiency and eradicate issues arising due to multiple administration systems. Europe Life Insurance Policy Administration Systems market follows next due to wide adoption of these kind of administration systems in this region. Asia Pacific life insurance policy administration systems market is gradually growing due to the presence of wide customer base in this region.
The report covers exhaustive analysis on:
Life Insurance Policy Administration Systems Market Segments
Life Insurance Policy Administration Systems Market Dynamics
Historical Actual Market Size, 2014 - 2016
Life Insurance Policy Administration Systems Market Size & Forecast 2017 to 2027
Life Insurance Policy Administration Systems Market Current Trends/Issues/Challenges
Competition & Companies involved
Life Insurance Policy Administration Systems Market Drivers and Restraints
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Regional analysis for Life Insurance Policy Administration Systems Market includes development of these systems in the following regions:
Australia and New Zealand (ANZ)
Rest of Asia Pacific
Middle East and Africa
Other Middle East
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
Detailed overview of parent market
Changing market dynamics of the industry
In-depth market segmentation
Historical, current and projected market size in terms of value
Recent industry trends and developments
Strategies of key players and product offerings
Potential and niche segments/regions exhibiting promising growth
A neutral perspective towards market performance
Must-have information for market players to sustain and enhance their market footprint