The COVID-19 pandemic and the resulting economic fallout have adversely impacted Life and Annuity (L&A) insurance businesses, leading to demand stress, revenue compression, and profitability pressures. The challenges have been compounded by carriers relying heavily on manual operations, a siloed technology landscape with legacy core systems, and the inability to realize value from IT investments due to antiquated systems built on a dated technology stack. Core modernization has, thus, become a strategic mandate for L&A insurers, driving them to invest in a platform-first digital operating model.

L&A insurance policy-administration technology providers are looking to tap into this market opportunity by investing in a modern technical architecture enabling extensive API integrations, supporting rapid product configurations with out-of-the-box functionality across L&A products for individual and group insurance lines, and investing in cloud readiness capabilities to transition from pure-play product vendors to software plus services players. In addition, technology providers are enabling digital innovations for their L&A carrier clients by developing a well-rounded partner ecosystem.

Scope

Industry: insurance

Geography: global

Contents

In this report, we:

• Study the trends and analyze the L&A insurance policy-administration platform market
• Provide an overview of L&A insurance policy-administration platform providers’ investment trends
• Share L&A insurance policy-administration platform profiles, along with a snapshot of their market position and capabilities
• Considerations for L&A insurance policy-administration platform providers to drive profitable growth in the insurance market

Membership (s)

Insurance Information Technology

Sourcing and Vendor Management