Life Policy Administration Systems, Americas Reviews and Ratings
What are Life Policy Administration Systems, Americas?
A life insurance policy administration system is a software that enables insurers to manage a range of group or individual life, annuity and pension products. A PAS supports the entire life insurance value chain, from product and business configuration through new business processing, policy issuance, ongoing policy administration and claims. A life insurance PAS consists of a set of core components.
* Product Development and Maintenance
* Quotes/Illustrations
* New Business
* Manual Underwriting
* Billing
* Customer Management
* Ongoing Policy Administration
* Claims
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EXL is a data analytics and digital operations and solutions company. It partners with clients using a data and AI-led approach to reinvent business models, drive better business outcomes and unlock growth with speed. EXL harnesses the power of data, analytics, AI, and deep industry knowledge to generate insights from data and deliver outcomes for the world’s leading corporations in industries including insurance, healthcare, banking and financial services, media and retail, among others.
Recognizing that businesses have unique needs, cultures, goals, and existing technological set-ups, EXL emphasizes collaboration and flexibility in its approach. EXL also aids in the scaling of AI, Generative AI and digital usage, redesigning operating models for added efficiency, and facilitating quicker, more effective decision-making. EXL looks into the entire value chain of a business to integrate impactful strategies and deliver successful outcomes that align with the goals of the business.
FAST Technology is engaged in the modification and updating of antiquated systems for the insurance and financial services sector, incorporating its specialized product, FAST Insurance Components. The company provides solutions to enable the formation and integration of fresh business capabilities and technologies into an organization's existing structure.
Accenture is a professional services corporation that has global capabilities in cloud, digital, and security domains. With proficiency and dexterity spanning across more than 40 sectors, Accenture provides a range of services such as Strategy and Consulting, Technology and Operations Services. It also features something named Accenture Song, powered by an extensive network of Advanced Technology and Intelligent Operations centers. It caters to clients in more than 120 countries, harnessing the capability of transforming changes into values to foster shared success.
VIPdesk focuses on transforming the domain of customer service outsourcing. It employs a people-first strategy and specializes in delivering superior customer service by crafting people-centric, bespoke solutions. Central to its mission is the objective of empowering women across the globe. The company utilizes a unique model of remote workforce, ensuring budget optimization and enhanced customer experience, thereby creating opportunities for capable women internationally. VIPdesk combines cutting-edge technology, a motivated and remote workforce, and a commitment to service excellence to redefine the BPO industry. This approach supports the company's mission of uplifting women worldwide and solidifying its reputation in key markets. VIPdesk offers elevated customer service, recruitment services, AI specialty roles, customer facing AI solutions, AI analytics, contact center technology, metaverse CX, and customer service consulting.
Oracle is a cloud technology company that offers computing infrastructure and software solutions globally. This organization has developed an autonomous database, the first of its kind, to help manage and secure data. Oracle Cloud Infrastructure presents functionalities to facilitate the transition of workloads from on-site systems to the cloud, and vice versa, as well as between different clouds. Oracle's cloud software applications provide modern tools designed to support sustainable growth and resilience in businesses. Tools developed by Oracle are used by a wide range of users including nonprofit organizations and businesses of various sizes, to aid in operations like supply chain streamlining, human resource management, financial planning and connecting data and global users. Apart from business solutions, Oracle's technology also aids in tasks ranging from government defense to scientific and medical research.
Infosys McCamish Systems is a U.S. subsidiary of Infosys BPM, a segment of Infosys. The company specializes in delivering technology platforms and service solutions that cater to the financial services sector. The primary areas of focus are life insurance companies, workplace product providers, and retirement companies worldwide. Infosys McCamish Systems' offerings cover business process outsourcing, software as a service, and license models, providing flexible options to cater to various organizational needs. The company's technology platforms, coupled with its service offerings, are designed to drive operational efficiency and future-proof enterprises. The solutions offered by Infosys McCamish cover a broad range of insurance products, distribution models, and platform deployment options. The company also plays a significant role in the deferred compensation plan record-keeping market in the U.S retirement sector. Its robust solutions aim to improve overall satisfaction while minimizing operational risks and costs.
DXC Technology operates globally, focusing on enabling companies to efficiently run their critical systems and operations. This is achieved through modernizing IT, optimizing data architectures, and ensuring security and scalability across various cloud environments. The target audiences are large companies and public sector organizations, who seek the services of DXC Technology to improve performance, competitiveness, and their IT customer experience.
Concentrix Corporation is a global establishment specializing in customer experience solutions and technology with the aim to enhance the performance of various businesses. The main focal point lies in connecting companies better with their consumers through innovative customer experience delivered by its staff spanning over 40 countries and six continents. Concentrix Corporation achieves superior business outcomes and sets their clients apart by amalgamating strategy, talent, and technology. It caters to key industry verticals including technology and consumer electronics, retail, e-commerce, banking, financial services, and insurance, healthcare, communications and media, automotive, energy, and the public sector.
QLAdmin focuses on providing technology solutions primarily for the insurance sector. It specializes in developing insurance policy administration software solutions. Its services rely on the substantial insurance industry knowledge and experience of its professionals that spans various areas, such as home office administration, IT and networking, and sales. While its customer base mainly consists of North American clients, it also operates in Central America and the Caribbean. With an experienced team of support technicians located in Austin, Texas, QLAdmin ensures comprehensive product and technical support to its clients.
Majesco is a company that offers intelligent Software as a Service (SaaS) platform solutions, including GenAI-powered insurance data analytics. The firm's primary focus lies in delivering comprehensive solutions to Property & Casualty (P&C) and Life & Accident & Health (L&AH) insurers. Their range of services spans across various aspects including core, data, analytics, distribution, underwriting, loss control, and digital sectors. This variety, coupled with Majesco's mix of technology and insurance expertise, allows for the anticipation of future requirements while addressing current ones. Majesco boasts a successful track record, with over 1000 successful implementations and a significant majority of their customers utilising their cloud services. The company has been involved with a broad spectrum of insurers, including Managed General Agents (MGAs), start-ups, greenfields, as well as large and global insurers. Changes and innovation are consistently embraced by Majesco to stay ahead of market trends and risks. Their services enable customers to make confident decisions, provide high-performance products, and execute effectively.
EIS is a technologically innovative entity in the insurance sector. Focusing on insurance digitization, its unified platform consists of core, experience, and insight solutions that help insurers overhaul their primary insurance operations. This approach also allows them to generate a vital data foundation and facilitates better customer experiences. The San Francisco-based firm works globally with an array of insurance carrier companies, promoting a shift in perception and experience of insurance. The platform encourages rapid innovation and facilitates the provision of modern experiences affecting millions of policyholders worldwide.
Vitech is a worldwide provider of cloud-native benefit and investment administration software. The firm assists insurance, retirement, and investment companies in enhancing their offerings, improving operational efficiency, generating analytical insights, and transforming their engagement strategies. With a team of 1,600 professionals, Vitech caters to a broad range of insurance, retirement, and investment businesses across the globe. Known for its innovative solutions and vision, Vitech's work has been acknowledged by multiple industry experts.
Andesa is a company specializing in policy lifecycle solutions. Located within the life insurance and annuities sector, it provides comprehensive transaction management and record-keeping services through its cutting-edge cloud-based systems. The company focuses on assisting carriers, brokers, stakeholders, and participants in identifying strategic sales opportunities and adapting to market changes. From its early beginnings in COLI/BOLI policy administration, Andesa has grown to provide a broad variety of services through business process outsourcing and software as a service models. Utilizing secure and efficient cloud technology coupled with decades of practical industry knowledge, the company strives to help industry leaders optimize their resources, manage potential risks, and unlock latent value. The range of services also includes administration and illustration services for every type of product or block, even providing support for intricate plans and product offerings.
Vlocity, now a part of Salesforce, offers industry-specific cloud and mobile software solutions. The company has pioneered the concept of an "industry cloud" by building its technology on the Salesforce platform. Vlocity's software is designed to enhance businesses' operational efficiency by augmenting sales, service and marketing agility along with promoting digital adoption. The firm's primary focus is to deliver technology that can help enterprises achieve value in a shorter timeframe. Vlocity's products cater to a wide variety of industries that include Communications, Media & Entertainment, Energy & Utilities, Insurance, Health, and Government. The headquarters of Vlocity is located in San Francisco and it has multiple offices across North America, Europe, Asia, and Latin America.
Socotra is a company that provides a modern enterprise platform to insurance businesses of all sizes. Its primary objective is to help insurers operate more efficiently and to stimulate growth by simplifying operations, facilitating rapid implementation, and reducing overall costs. The company also offers Socotra CorePlus™, a comprehensive solution for personal auto and homeowner insurance, and the Socotra App MarketPlace™, a platform that gives companies access to a variety of insurtech resources. Its main focus is to pave the way for innovation within the insurance industry. The primary business problem Socotra resolves is the need for an efficient and augmentable system in the insurance industry. It serves property and casualty and life insurers globally.
TCS, part of the Tata group, focuses on shaping the future through innovation, technology and the utilization of collective knowledge. It is a multinational organization based in India, with consultants placed in various countries around the world, with notable skills and expertise. They work diligently to provide technology solutions that resolve critical business challenges. TCS is also noted for proactive stances on critical global issues, resulting in recognition in various sustainability indices. It operates within business principles aligned towards achieving sustainable growth.
LIDP is a company with a focus on policy and contract administration, with a history spanning over four decades. Its latest product, TITANIUM from LIDP, is engineered to enhance digital transformation, velocity towards the market, and drive adaptability for change in core systems. The product encompasses an array of features including E-App, Illustrations, New Business, Underwriting, Real-Time Payments, Product Configuration, Client Management, Billing & Payout, Reporting, Claims, Digital Agency, and a CSR Portal. As a private corporation, LIDP sets its response on the needs of its clients, its employees, and its systems. The company's record in the life insurance industry remains free from litigation, mergers, acquisitions, major restructuring, or reorganization. LIDP's capability pairs the wisdom to create even complex, market-changing designs with a methodical and knowledgeable approach to change.
FINEOS is a provider of core systems dedicated to life, accident and health insurance companies on a global scale. The company operates with a widespread employee base across several worldwide locations. The main emphasis of FINEOS is to work in collaboration with forward-thinking and progressive insurance companies in North America, Europe, and the Asia Pacific. The product offering from FINEOS is comprehensive, consisting of the FINEOS Platform, providing an end-to-end core product suite. This platform incorporates FINEOS AdminSuite for handling everything from quote to claim administration. Additionally, the company offers FINEOS Engage for digital engagement and FINEOS Insight for analytics and reporting.
Cloud Insurance, positioned in Oslo, Norway, is a Software as a Service (SaaS) provider intended to cater to the insurance sector. With a significant user presence across over 20 countries spanning 5 continents, the firm offers a comprehensive, user-friendly platform that simplifies numerous insurance provider tasks such as the management of policies, claims, financials, and reports. The offered solution includes enhanced backend and frontend capabilities, customer portals, and other features, all designed to deliver a sturdy insurance-related infrastructure that supports business growth and innovation.
The company focuses on providing a swift and seamless checkout process. The primary business issue it addresses is the complexity and time-consumption often associated with online checkouts. It offers a one-click checkout solution, aiming to reduce customer procrastination and cart abandonment. An expedited sign-up procedure complements the checkout system, enabling a quick and hassle-free user experience.
Gartner Research
Features of Life Policy Administration Systems, Americas
Mandatory Features:
Ongoing Policy Administration
Claims
Billing
Product Development and Maintenance
Manual Underwriting
New Business
Customer Management
Quotes and illustrations