PAS vendors in EMEA have recognized carriers’ need to cut costs and developed tools to help automate processes.
Boston, April 5, 2017 — Life insurance carriers in Europe, the Middle East, and Africa face operational challenges due to legacy systems that have limited carriers’ ability to meet the digital needs of both consumers and agents, according to Aite Group’s new report, Life Insurance Policy Administration Systems: An EMEA View. Aite Group’s study shows that vendors have noticed that carriers in the EMEA region are lagging their United States counterparts in terms of digitalization. However, carriers are moving forward quickly to meet both operational and consumer needs.
“There is a lot of market share left in the EMEA marketplace as it relates to legacy system replacement,” says senior analyst Samantha Chow. “Many carriers are only just now considering the replacement of legacy systems due to customer demands and regulatory enhancements,” she says.
Using Aite Group’s new proprietary vendor evaluation system, the Aite Impact Matrix, this report evaluates the overall competitive position of 17 PAS vendors supporting life insurance carriers within the EMEA region: Aetins, Ai-London, Aquila Heywood, Comarch, Computer Sciences Corporation (CSC), Coopengo, EXL, FIS, Gratex, Majesco, msg life, Oracle, RGI, Sapiens, Tata Consultancy Services (TCS), Vermeg, and Wyde.
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About Aite Group:
Aite Group is a global research and advisory firm delivering comprehensive, actionable advice on business, technology, and regulatory issues and their impact on the financial services industry. With expertise in banking, payments, insurance, wealth management, and the capital markets, we guide financial institutions, technology providers, and consulting firms worldwide. We partner with our clients, revealing their blind spots and delivering insights to make their businesses smarter and stronger. Visit us on the web and connect with us on Twitter and LinkedIn.