Research > Market Share: Life Insurance Policy Administration System, 2025, Worldwide
Market Share: Life Insurance Policy Administration System, 2025, Worldwide
31.05.2025
Domain:BFSI
Sub Domain:Insurance & Wealth Management
Price:$ 4,900
Research > Market Share: Life Insurance Policy Administration System, 2025, Worldwide
31.05.2025
Domain:BFSI
Sub Domain:Insurance & Wealth Management
Price:$ 4,900
Market Share: Life Insurance Policy Administration System, 2025, Worldwide
Report Description:
Quadrant Knowledge Solutions Reveals that Life Insurance Policy Administration System Market is Projected to Register a CAGR of 8.20% by 2030.
The advent of COVID-19 pandemic has led organizations to accelerate their efforts for implementing the policy administration system. Life insurers have also realized the need for collaboration to overcome the lack of technological framework and inefficient end-to-end lifecycle management capabilities and prepare themselves for the life insurance and annuity (L&A) industry heading towards customer experience personalization initiatives. Organizations are enhancing their overall offering in the life insurance and annuity market to launch products that are not only customer-centric but also comply with the continuously changing regulations and interest rates. As compared to the previous decade, the life insurance and annuity industry is going through immense functional changes to modernize the system. The use of Policy Administration System (PAS) software in the life and annuity (L&A) industry has helped organizations accelerate their digital transformation initiatives to compete in the evolving life insurance market and work in favor of their customers’ best interests. The organizations in the life and annuity (L&A) industry that have strategically invested in technology to optimize their digital transformation initiatives and enhance their operational management are well-positioned to minimize the long-term risks emanating from the current health crisis. Policy Administration System (PAS) software also helps insurers focus on core activities such as sales, marketing, asset management and reinvent current skills and capabilities to prioritize the growing customer needs. The proliferation of IoT and available data has enabled insurers to understand the evolving health trends and implement technology for personalizing each customer’s specific health needs and designing customized policies. Policy Administration System (PAS) optimizes an organization’s initiative to leverage multiple distribution channels and manage a diverse product range.
Quadrant Knowledge Solutions defines Life Insurance Policy Administration System (PAS-L&A) as “A platform that provides end-to-end policy lifecycle management capabilities, including billing, underwriting and claims processing of life and annuities products for individual and group benefits. The platform leverages AI, ML, and advanced analytics to help insurers access and analyze a vast amount of data accumulated from multiple channels, including websites and mobile applications, helping insurers with digital transformation and achieve operational excellence.”
Life insurers are increasingly adopting Policy Administration System (PAS) for swiftly launching new and innovative product offerings. Policy Administration System (PAS) also helps life insurers address complexities related to data consistency and redundancy, customizations, lowering costs and increasing operational efficiency, reducing the interaction with multiple interfaces, and improving overall productivity. Furthermore, global regulations and compliance requirements are increasingly becoming stringent, and regulators are employing increased scrutiny on data privacy and transparency. With the need to comply with the global and local regulations, Policy Administration System (PAS) vendors are ensuring that they offer improved compliance and enhanced reporting capabilities. Many life insurers are looking forward to entering the health and wellness segment by partnering with various health and wellness app providers. They are also leveraging health-related data from various sources such as wearables, labs, and hospitals to offer customized policies and personalized customer engagement.
Key questions this study will answer:
Vendors covered in this Study:
Accenture, Agito, Damco Solutions, EIS Group, EXL Services, Fadata, FINEOS, Infosys McCamish, Keylane, LIDP, Lumera, Majesco, MDI, Mphasis Wyde, msg life, Oracle, QLAdmin Solutions, Sapiens, Socotra, TCS, Verisk, Vermeg, and Vitech.
Table of Content:
Chapter 01: Executive Summary
Chapter 02: Market Overview
Chapter 03: Market Share Analysis- Worldwide
Chapter 04: Market Share Analysis
Chapter 05: Company Profile
Chapter 06: Appendix
List of Figures
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