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LIDP: Designed to Futureproof the Enterprise

Top 10 Policy Administration Consulting/Service Companies - 2020

Insurers are continuing to replace their core systems, such as policy administration systems (PAS) to meet their business strategies. It goes without saying that the cost of upgrading core systems has been a driving reason behind the dynamic shift. Most of the insurers today prefer a partner who can not only help in deploying advanced technologies and but save money and time through the delivery of end-to-end services. As the insurance industry reaps productivity gains from the most recent wave of automation, new technologies are significantly enhancing operational efficiencies, increasing revenue opportunities and improving the customer experience.

Early fears about cloud deployments are giving way, and an increasing number of carriers are moving to Software-as-a-Service (SaaS) hosting models. Some carriers are using headless implementations to build their own user interface on top of vended core systems, enabling insurers to use existing functionality while differentiating their user experience. Digital experience platforms (DXPs) are another way that insurers can offer a multi-channel experience while using a low-code (or no-code) vended system. The growth in smartphones and tablets, coupled with cloud computing are delivering constant access to the internet. The explosion of computing power and storage allows the accumulation and analysis of extremely large amounts of data. Advances in Artificial Intelligence techniques, such as machine learning, natural language understanding and intelligent decision-making will allow insurers to advance from using technology for transaction processing to decision-making.

Insurers are also licensing or leveraging tech capabilities from InsureTech startups. On the other hand, insurers can offer a multi-channel experience by availing digital experience platforms (DXPs) by a no-code or low-code vended system. Advanced insurers of the day are using policy administration as a platform where they can introduce adjacent enrichment that well provides information and customer value beyond the advantages of the policy. New hosting methods, growing M&A, and updated user experience platform methods are some of the benefits that can be achieved through PAS. All in all, insurers who can anticipate and plan for change can create their own future.

Our goal with this edition is to feature such service providers who are at the forefront of revolutionizing the Policy Administration space through their top-notch services. We hope this issue of the Insurance CIO Outlook helps you build the partnership you and your firm need to foster technologically driven policy administration processes.

We present to you 'Top 10 Policy Administration Consulting/Service Companies - 2020.'

Top Policy Administration Consulting/Services Companies

EIS Group core systems and digital technologies enable Property/ Casualty and Support insurers to experiment easily with goods, platforms, and the consumer journey. EIS customer-centered solutions support rating, underwriting, policy management, claims, billing, distribution management, and consumer engagement, and enable insurers around the world to develop stronger, more profitable insurance businesses. And by leveraging EIS Group's Agile, cloud-based distribution strategy, customers achieve exceptional pace to value. The platform offers insurers the strength to interact with a large ecosystem of insurtech and emerging technologies with thousands of APIs.

www.eisgroup.com

Offers systems that process virtually all variations of life, health, and annuity products across a wide range of platforms using a single set of source code.

www.lidp.com

Ogon Consulting leverages its wide-spectrum of knowledge and expertise to offer consulting and product implementation services that complement the business models of the small and mid-size firms. With an extensive background in the Property and Casualty (P&C) insurance domain, technology, and business enterprises, Ogon provides the insight and expertise necessary to deliver successful implementation and support for policy administration solutions. The company brings in the knowledge of niche technology and deep industry expertise coupled with technology consulting and delivery services related to the niche P&C commercial-off-the-shelf platforms to help solve business challenges. Further, the company’s proficient team analyzes the client’s landscape, identifies and assesses the problems, and utilizes their deep-rooted knowledge to offer services that are cost-effective, and yield faster results

www.ogonconsulting.com

Duck Creek Technologies

Duck Creek Technologies

Duck Creek Technologies develops industry-specific tools that help insurance companies to deliver and manage their products and services. Duck Creek Technologies is a key network technology provider for the P&C and General Insurance industries. Through accessing Duck Creek OnDemand, the company's Software-as-a-Service solution, insurance companies can handle volatility faster than their rivals and embrace business opportunities.

eBaoTech Corporation

eBaoTech Corporation

eBaoTech provides standard-based, highly configurable insurance software suites for both property and casualty (P&C) and life insurance firms. eBaoTech provides two sets of solutions: eBao Cloud as a middle-ware insurance platform, and eBao Core systems for conventional insurance carriers. Its product range helps insurers to carry out cost-effective, scalable, versatile and highly automated insurance operations in a constantly changing environment. With its presence in several countries across Europe, Asia and the Americas, and services in more than 20 countries, eBaoTech has a wide global reach to support leading insurance companies.

EXL Service

EXL Service

EXL is a transformation and outsourcing service provider for companies spanning various sectors, including insurance, banking, financial services, energy, transportation, and leisure. Their solutions combine their expertise and experience in decision analytics, financial & risk management, organizational & process excellence, re-engineering, and automated transaction processing to provide immediate market effect and long-term economic benefit for their customers. They tailor their approaches to boost business efficiency economics, turn companies into leaner and more agile companies, and have a competitive advantage in the marketplace.

Infiniqo

Infiniqo

Infiniqo, Inc. is an insurance technology company that provides 3D digital cyber risk management solutions that include highly motivating interactions between users. The products of Infiniqo, axon™ and traverse™, form the Digital Engagement and Empowering Platform (DEEP™). axon offers simulations of circumstances and scenarios, such as tabletop simulations and multiple cyber fire drills, to support large and small insurance policyholders virtualize operations in planning for risks. Policyholders benefit from increased understanding, preparedness, and sensitivity to risk events in real life.

InsPro Technologies

InsPro Technologies

InsPro Technologies Corporation provides InsPro Enterprise, an end-to-end, web-based policy administration system used by insurance providers and third-party administrators. By handling the entire product and policy lifecycle on a single integrated platform, consumers are afforded opportunities to accelerate new product introductions, minimize costs, increase customer loyalty, and enhance operational efficiency. InsPro's solutions are provided through standard software licensing, as a host solution, or via Software as a Service (SaaS) delivery.

Novarica

Novarica

With analysis, advisory services, and consulting, Novarica helps more than 100 insurers make informed decisions about technology projects and strategy. They publish in-depth, regular, unbiased research on patterns, best practices, and vendors. Their research initiatives are led by senior experts at the executive level and leverage the knowledge of insurer CIO members of their research council.

SpeedBuilder Systems

SpeedBuilder Systems

SpeedBuilder Systems provides enterprise-class solutions for P&C insurance companies. The BindExpress Suite is an integrated collection of components that includes policy management, ranking, automated underwriting, agent and customer portals, product setup, billing, claims, automated workflow, analytics, and document creation. Designed with open source technology, the BindExpress Suite enhances business-friendliness for customers and practitioners alike, decreases the time-to-market delivery of new products, and extends the life of both modern and legacy systems.