As the technical means to perform a host of core processes, carriers have long relied on their policy administration systems. A new report from Boston-based Celent, “North American Policy Administration Systems 2010: Life, Health, and Annuities ABCD Vendor View,” says given the realities of industry, this choice is an extremely important one.

“Despite the turmoil in financial services generally and among life/annuity insurers in particular, there is still keen interest in renewing and/or replacing policy administration systems,” the report, authored by Craig Weber, SVP of Celent’s Insurance Group, Senior Analyst Jeff Goldberg and Analyst Arin Ray, states. “We believe that these initiatives are necessary to help the industry address service and distribution imperatives.”

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