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Fast: Delivering Future-Proof Insurance Software

Top 10 Policy Administration Solution 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 full-suite solutions, rather than stand-alone components strung together. This trend has led to vendor consolidation, with most offerings providing at least policy, billing, and claims. 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 solution providers who are at the forefront of revolutionizing the Policy Administration space through their top-notch solutions. 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 Solution Providers - 2020.'

Top Policy Administration Solution Companies

CodeObjects is one of the most wholly hosted software and services platform providers in the property and casualty insurance industry. Headquartered in California, the company provides services to mid-market insurance companies. CodeObjects is dedicated to helping insurance companies drive business efficiency, adapt to market change, and increase profitability and growth through its next-generation, cloud-based enterprise software, and services platform. Founded in 2006, the company has built numerous customer relationships that span nearly a decade

codeobjects.com

FAST, a Verisk business, offers a unique combination of software and expertise to insurance companies to modernize their environments or completely replace legacy systems

www.fasttechnology.com

The FINEOS AdminSuite, the cloud-based SaaS, is flexible enough to go into different markets and adapt to its changes. Besides being a complete policy administration solution software for an insurer’s source of truth, managing the full lifecycle and all transactions and interactions at both group and member level, the FINEOS AdminSuite is also working for employee benefits. While the carriers provide the employers and employees with a system of record financially covering the protection needs, FINEOS offers extra benefits in the form of concierge services. The employee benefits include removing their stress, taking care of their mental health, and preempting or preventing accidents or injuries

www.fineos.com

Provides a unique combination of subject matter expertise and industry-leading technology to corporations and their legal counsel. One of the Top Policy Administration Solution Providers, KCIC offers Ligado, a web-based policy administration tool that centralizes all users, uses, data, and documents onto one easy-to-use platform. The solution enables policyholders and their legal counsel to capture, organize, interpret, and access insurance data for efficient and complete research and analysis. Besides comprehensive bankruptcy evidence verification (BEV), claims administration, and policy analysis and management tools, Ligado includes a general document library, a document review portal, a plaintiffs portal, and a schemes and insolvency component

www.kcic.com

QLAdmin Solutions is an insurance technology partner firm known for tailored solutions and excellent support. The Austin, Texas-based company comprises of employees with decades of insurance industry experience, including agency, brokerage, and operations, home office administration, systems support, IT and networking, and sales. QLAdmin Solutions has nearly 50 clients spread across North America, Canada, Central America, and the Caribbean

www.qladmin.com

Andesa Services

Andesa Services

Andesa Services is one of the major providers of integrated, cloud-based solutions for life insurance and annuity carriers and providers. The firm’s policy administration system is a SaaS solution hosted on a private and secure cloud environment. The company’s solution takes a transaction-based approach to policy issuance, product configuration, and policy life-cycle events, including financial as well as non-financial processing. Andesa Services’ policy administration system is built to be eminently scalable and flexible, offering solutions for life insurance policies and annuity contracts from issuance to termination. The firm also offers cloud-based policy administration, illustrations as well as online agent and member portals to benefit societies

DXC Technology

DXC Technology

DXC Technology is one of the leading, global, end-to-end IT services firm. It enables customers to leverage the power of innovation. The firm's policy administration systems offer organizations a competitive edge by offsetting costs, enhancing productivity, and accelerating the speed to market for innovative products. Simply stating, DXC's systems position firms to respond rapidly to market changes while ensuring quality service. DXC's various policy administration offerings include DXC Assure Policy, DXC CyberLife™, DXC GraphTalk™, Ingenium, Integral, Radience, Wealth Management Accelerator™, DXC GraphTalk™, Point In, Xuber for Insurers and Insurer Enterprises, SICS, and Global XLPro

EIS Group

EIS Group

EIS Group is one of the leading technology innovators for insurance. The firm offers a PolicyCore®, a customer-centered policy administration, and an underwriting solution. PolicyCore® is a highly configurable, extremely powerful, and simple-to-use policy administration and underwriting system supporting insurers of any size to gain the market speed, customer focus, responsiveness, and operational excellence that today’s highly competitive insurance markets require. With comprehensive features under its belt, PolicyCore offers insurers the unique ability to manage their insurance lifecycle across multiple products through a single platform, thereby streamlining workflow and simplifying the management tasks

PCMI

PCMI

PCMI Corporation (Policy Claim Management International) has emerged as the major provider of integrated software solutions for F&I and Extended Warranty management administration. The firm's cloud-based platform, Policy Claim and Reporting Solutions™ (PCRS), automates and supports the entire lifecycle of all aftermarket products in the consumer goods and automotive sectors. PCMI offers a modular administration platform that aids all automotive aftermarket products for the domestic as well as international markets. PCMI's staffs have enough experience with the TPA business and developing technology to support its clients' growth. Its policy administration solutions support commissions, cancellations, billing, and different statuses of the policy across its lifetime, accounting for seamless coverage contracting, rating, as well as contract remittance

Vitech Systems Group

Vitech Systems Group

Vitech has established itself as the global provider of financial and benefit administration software. When it comes to policy administration, the firm’s software, V3, offers a unique administration platform that is specifically built to address the unique requirements of group benefits as well as alternative asset administration. V3 addresses worksite, voluntary, true group, and direct insurance administration needs across a wide range of functions and product lines via a single, integrated technology system. The software also supports Defined Contribution, Defined Benefit/PRT, and Tax-Deferred Annuity Processing. The software solution contributes to the investment sector by streamlining data audits and by enhancing accuracy