Abstract
Overview
Introduction
This report combines all three briefs from the policy administration theme for
Q1 2006. Areas covered include market conditions and developments across the
life sector, strategies for policy administration modernization and
developments in vendors policy administration offerings.
Scope
- Covers North America and Western Europe.
- Forecasts policy administration spend by country until 2009, with spend
broken down by source for all countries covered
Report Highlights
While policy administration system investment has increased in the last two
years, the 'housekeeping' strategies adopted by the vast majority of insurers,
aimed at reducing cost and overlap while making marginal gains in operating
efficiency, have done little to provide back office functionality to meet
future business needs.
In recent years end to end reengineering or full scale replacement was not
feasible for most insurers due to tight IT budgets. However with budgets
showing signs of more robust growth, the failure of rationalization programs
to deliver and more mature IT/ business alignment, insurers are finding
themselves with more options in terms of investment.
The market for policy administration spending will grow by 4.0% CAGR in North
America and 2.9% in Western Europe as insurers continue to focus on back
office modernization in preparation for 21st century business imperatives.
Reasons to Purchase
- Gain visibility on the latest developments in the European and North
American L&P market
- Use Datamonitor's timely and concise analysis of key business and
technology issues to develop a compelling go-to-market strategy
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