This is Part 2 to my March 7, 2014 blog ‘Our Legacy, Life Insurance Policy Administration System(s) – Where Do We Go From Here?’.
As I wrap up our most recent, and reflect on past Canadian and U.S. policy administration system search engagements, I make the following observations:
- There are approximately 25 vendors serving the North American life insurance space. The vendor space is crowded – but that means lots of choice for life companies looking to acquire a policy administration system.
- Many vendors have added Software-as-a-Service as a model – this is good news for those companies looking for an alternative to the traditional, licencing fee model.
- There has been an ownership change with several vendors – such major change has positive and negative implications for current and new customers.
- Project and change management issues continue to be a challenge.
Industry research suggests life insurers that were previously unwilling to consider a new policy administration system are now starting to investigate options. Perhaps the pain associated with maintaining the status quo is becoming too great.
While the good news is that there are many vendor options available, the key is to know how to navigate the vendor landscape to find the system (and vendor) that best suits your organization’s needs. That is where M.A. Nurse & Associates comes in – over a 90 to 120 day time frame we help you:
- Crystallize your thinking around strategic options
- Assist in developing a requirements document
- Tap into our North American database to find your “best-fit” vendors
- Short-list and evaluate vendors
- Arrange demonstrations and/or site visits
- Check references
- Make your final decision
I would love to hear about your policy administration system experiences – the good…the bad…the ugly. Leave your comments below!