CELENT: Report on P&C Insurance Policy Administration Systems

March 2023. CELENT, a leading research and advisory company dedicated to helping financial institutions navigate the technological landscape and collaborate in the formulation of comprehensive business and technological strategies, presents its report prepared by analyst Fabio Sarrico on financial systems. policy administration (PAS) available in Latin America for general insurance insurers.

The report, which is part of a series on current affairs in North America, EMEA and Asia-Pacific, profiles 19 policy administration systems in Latam and provides an overview of their functionality, customer bases, lines of supported businesses, technology, implementation, pricing and support.

Its usefulness for insurers is to help them define the basic requirements of their systems and create a concise list of providers for evaluation, in the Latin American context where there is a multiplicity of options: from relatively new players to those established in the region, with mature functionality. and solid customer bases, as well as solutions installed in other regions that can provide a differentiated level of technology at the regional level. Within this framework, it is highlighted that there is no perfect or one-size-fits-all PAS solution, but rather each insurer must begin the process by looking inward, taking into account its unique combination of business lines, geography, personnel capabilities, business objectives and resources. financials, which adds to their risk appetite. The recommendation is to narrow down your options by focusing on five areas: 1) The features and functions most important to the current operating model and strategic objectives; 2) The technology that will support the ever-evolving use of cloud, data/analytics and customer experience; 3) The provider's stability, knowledge and investment in the solution; 4) Comply with the jurisdiction's regulatory requirements; and 5) Implementation and support experience and capabilities.

Regarding suppliers, CELENT has observed a growing interest in the Latin American market, given by new players and the modernization efforts of those already established in the region, which translates into considerable investments to differentiate itself from its peers. Solution providers are investing not only in migrating their services to the cloud and modernizing the architecture of their microservices-based applications but also in their API resources to offer the necessary level of integration between various players. Consequently, their value proposition is changing from providing a system of records to a service-based proposition. CELENT recommends that they differentiate themselves by: Focusing on improving usability for new and experienced users and administrators; Build an ecosystem of general insurance solutions and insurtechs that can be integrated with the policy administration solution; Make implementation faster and less expensive; Continue moving toward open APIs and other integration frameworks to drive easy orchestration of processes and data through external digital capabilities; Make product and process configuration faster and easier.

To learn more about the report, you can contact Laura Peña: lpena@celent.com or through the following link: https://www.celent.com/insights/630765387

“We are very happy to share the results of this detailed report that gives an account of the current state of the PAS in P&C insurance in the growing Latin American market, which without a doubt constitutes a valuable tool for all interested players, from insurers to solution providers, can optimize the creation, improvement and execution of their business strategies, always with a focus on the client” - enthuses Juan Mazzini, Senior Analyst, Property/Casualty Practice at CELENT.

About CELENT

CELENT is a leading research and advisory company dedicated to helping financial institutions navigate the technology landscape and collaborate on the formulation of comprehensive business and technology strategies.

It publishes reports that identify trends and best practices in financial services technology and consults for financial institutions seeking to use technology to improve existing business processes or launch new business strategies.

CELENT is a member of the Oliver Wyman Group, which is a wholly owned subsidiary of Marsh & McLennan Companies [NYSE: MMC].