SunGard has released iWorks Enterprise Life Admin, a cloud-based policy administration application designed to help insurance carriers speed deployment of new insurance products.
iWorks Enterprise Life Admin is pre-configured to support both group and voluntary life insurance products. This helps insurance carriers reduce the up-front investment, complexity and risk of launching new products, while supporting business and technology transformation initiatives.
The complexity of cloud-based policy administration application implementations is reduced, and business growth initiatives can happen more quickly, especially for small to medium-sized insurance carriers, the company added.
Cloud-based solutions can help alleviate the common challenges of policy administration application projects and accelerate business agility, said CEB TowerGroup. CEB TowerGroup research shows that 38 percent of insurance firms intend to adopt or replace policy administration technology before 2017, and 59 percent of insurance firms expect spending on cloud solutions technology to increase in the next two years.
