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