Customer Relationship Management (CRM) refers to products and services that enable organizations to manage, analyze, and enhance customer interactions. This category includes markets that support functions such as customer engagement, service delivery, experience personalization, and operational efficiency - aimed at improving customer satisfaction, loyalty, and business outcomes.
life insurance policy administration system (PAS) 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 and noncore components. Depending on the vendor, PAS core and noncore modules can be purchased or implemented separately or as a suite of tightly coupled modules. Depending on the PAS’s architecture, integration methods and flexibility will vary — for example, monolithic applications versus API-enabled service-oriented architecture (SOA). In addition, a PAS integrates with other information systems, such as general ledgers, CRM, payment gateways, data lakes and third-party data sources. Insurance CIOs must determine if a vendor’s solution architecture is compatible with the insurance company’s technology strategy.