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(MoneyNewsWire.Net, April 20, 2018 ) Global Life Insurance Policy Administration Systems Market Size Status and Forecast 2025
The life insurance industry is witnessing shifting trends in the front-office, policy administration, and claims, the three core functions of the insurance value chain. Life insurance firms remain challenged by their inflexible legacy life insurance policy administration systems. Designing innovative products, faster time to market and leveraging modern technology for multi-channel distribution has become essential for life insurers. Hence insurers are looking for life insurance policy administration systems transformation to enhance their operational efficiency with a lower total cost of operations by consolidating their existing systems.
Life insurance denotes to a contract between an assurer or insurer and an insurance policy holder, where the assurer promises to pay a nominated beneficiary a sum of amount, in exchange of a certain premium amount. This amount is paid on the death of an insured person or generally the policy holder. The payment can also be triggered on the account of situations such as critical illness or terminal illness, solely depending on the agreement. With consumers acquiring awareness regarding the benefits of life insurance, the industry is likely to experience a productive future.
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Top Manufacturers: Accenture, Andesa Services, Concentrix,CSC (CyberLife) , CSC (Wealth Management Accelerator) , EXL, FAST Technology, Infosys McCamish, InsPro Technologies, Majesco, MDI, Mphasis Wyde, Oracle, Sapiens and Vitech Systems Group, Instanda, Andesa
Market Segment by Regions, regional analysis covers
United States
EU
Japan
China
India
Southeast Asia
Market Segment by Type, covers
On-premises
Software-as-a-Service (SaaS)
Market Segment by Applications, can be divided into
Life Insurance Policy Management
Insurance Company
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Life insurance policy administration software helps insurers manage life and annuity insurance policies. Life insurance policy administration systems allow insurers to develop and administer new life, annuity, pension, and health insurance products for clients. Using life insurance policy administration software systems, organizations can design new policies, calculate policy costs, and maintain a record of policies issued to clients. Some systems offer libraries of prebuilt insurance product features that reduce time to market. Life insurance policy administration software systems are commonly used by enterprise insurance organizations to manage existing policies and develop new insurance products. These systems can improve policy flexibility and administration. Life insurance policy administration software systems can be implemented either as a standalone solution or as part of an integrated insurance suite.
Table of Content:
Global Life Insurance Policy Administration Systems Market Size, Status and Forecast 2025
1 Industry Overview of Life Insurance Policy Administration Systems
2 Global Life Insurance Policy Administration Systems Competition Analysis by Players
3 Company (Top Players) Profiles
3.1 Accenture
3.1.1 Company Profile
3.1.2 Main Business/Business Overview
3.1.3 Products, Services and Solutions
3.1.4 Life Insurance Policy Administration Systems Revenue (Million USD) (2013-2018)
3.1.5 Recent Developments
3.2 Andesa Services
3.2.1 Company Profile
3.2.2 Main Business/Business Overview
3.2.3 Products, Services and Solutions
3.2.4 Life Insurance Policy Administration Systems Revenue (Million USD) (2013-2018)
3.2.5 Recent Developments
3.3 Concentrix
3.3.1 Company Profile
3.3.2 Main Business/Business Overview
3.3.3 Products, Services and Solutions
3.3.4 Life Insurance Policy Administration Systems Revenue (Million USD) (2013-2018)
3.3.5 Recent Developments
4 Global Life Insurance Policy Administration Systems Market Size by Type and Application (2013-2018)
5 United States Life Insurance Policy Administration Systems Development Status and Outlook
6 EU Life Insurance Policy Administration Systems Development Status and Outlook
7 Japan Life Insurance Policy Administration Systems Development Status and Outlook
8 China Life Insurance Policy Administration Systems Development Status and Outlook
9 India Life Insurance Policy Administration Systems Development Status and Outlook
10 Southeast Asia Life Insurance Policy Administration Systems Development Status and Outlook
11 Market Forecast by Regions, Type and Application (2018-2025)
12 Life Insurance Policy Administration Systems Market Dynamics
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