Documenti di Didattica
Documenti di Professioni
Documenti di Cultura
CONTENTS
Introduction .................................................................................................................... 1 Report Methodology ....................................................................................................... 2 Vendor Profiles ............................................................................................................... 4 Agile Financial Technologies: Agilis Life, Pension, and Annuities .................................... 7 Limited Profiles ............................................................................................................. 13 Agile Financial Technologies: Agilis Health Insurance and Maintenance System ........... 14
INTRODUCTION
This report is part of a series on policy administration systems (PAS) in EMEA, North America, and Asia-Pacific. This report profiles the majority of the life, pension, health, and annuities insurance administration systems available in EMEA today. This report includes full profiles for the 28 systems that fully met the inclusion criteria described in the Report Methodology section of this report. Twenty-one limited profiles are provided for a variety of reasons did not fully meet the inclusion criteria. This report uses Celents ABCD vendor view, which is our standard representation of a vendor marketplace, designed to show at a glance the relative positions of each vendor in four categories: Advanced technology, Breadth of functionality, Customer base, and Depth of client services. Insurers should consider which factors in breadth, technology, experience, and client service are most important to them, and review the detailed profiles in this report to assess vendor suitability. Like in our last report, vendors continue to make important advances in usability and personalization. Many added or upgraded web based portal interfaces that benefit customer service representatives, underwriters, and different distribution forces. System administration capabilities for configuring products, rules, workflow, document management, and user interfaces have also improvedalthough, overall, these changes have occurred at more modest pace than improvements for end users. Additionally, the systems profiled continue to add support for new lines of business, particularly group products. Despite the ongoing economic uncertainty, insurers have continued to renew and/or replace policy administration systems. We believe that these initiatives are necessary to help the industry address growth, service and distribution imperatives. This report should help insurers refine their core systems strategies and, where appropriate, create a list of appropriate vendors for evaluation. Expanded PAS functionality and improved technology means that insurers continue to have a wide spectrum of systems and vendors to consider when they are looking for a solution to fits their needs.
REPORT METHODOLOGY
CRITERIA FOR INCLUSION
Celents objective has been to include in this report as many as possible of the leading life/health/pension/annuity policy administration systems being used or actively sold to EMEA insurers. This report contains two types of profiles: full and limited. The topics covered in both types of profiles are broadly similar; however, full profiles are written with more details and include comments from reference insurers. Additionally vendors with policy administration system written as a full profile are included in the Celent ABCD vendor view; limited profile systems are not. The four key criteria to be included as a full profile are: At least two EMEA life, health, or annuities insurance customers in production with the current version of the system. At least one new sale to one new EMEA life, health, pension or annuities insurance customer within the last 24 months. Support for and live implementations of at least two lines of business. Participation by at least two reference customers.
These criteria were designed to maximize the number of systems that can be reasonably expected to remain available (and viable) based on vendor size and strength, maturity of each product and its client base, and other important factors. The Limited Profile section includes 21 systems that did not meet the criteria for a full evaluation or for other reasons opted to be a limited profile. Although the systems are profiled in a limited manner, the vendors did provide significant information about their offerings.
EVALUATION PROCESS
Celent sent a detailed RFI to a broad set of policy administration system vendors. After Celent received completed RFIs, each vendor provided a briefing and demo for Celent concentrating on usability and functionality for everyday users as well as rules, tools, and connectivity issues for IT or administrative users. Celent also asked at least two references provided by each vendor to complete a survey and/or an interview in order to obtain their view of the systems business and technology value. Both the RFIs and the reference surveys provided quantitative and qualitative data that was included in the system profiles. Vendors had an opportunity to review their profiles for factual accuracy but did not influence the overall evaluation of the system or the vendors placement in the ABCD Vendor View. Celent of course has retained final authority over the content of the published profiles. Some of the vendors profiled in this report are Celent clients, and some are not. No preference was given to Celent clients either for inclusion in the report or for the subsequent evaluation. Not all data gathered from the detailed RFI, vendor briefing and demo, and reference surveys/interviews has been included in each profile. Rather, Celent has attempted to
capture key points and values about each vendor at an appropriate level. Unpublished information remains in the Celent knowledge base and is available to Celents subscription or consulting clients.
VENDOR PROFILES
Each profile presents information about the vendor and solution; professional services and support capabilities; customer base and reference customer feedback; functionality and lines of business deployed; usability, product configuration, and workflow abilities; technology, implementations, and cost; and some summary comments. Each profile includes a table of available end-to-end components which lists the vendors breakdown of its system into components. The profiles also include a list of in production and supported lines of business and the number of clients using the system for those products. Additionally, the profiles include a table of technology options. Customer feedback was gathered through the use of an online survey. Each customer feedback section includes a diagram that displays the average ratings given to the vendor in the areas of implementation capabilities, post implementation professional services, satisfaction with features/functionality, ease of integration, and system configurability performance. Each average rating includes up to eight underlying ratings scored by the customer on a scale of 1 to 5 where 5 is excellent. Open ended comments regarding the system and the vendor are also included.
Table 1: Client Feedback Ratings Included in Diagram Averages
DIAGRAM AVERAGE (QUESTION ASKED) SYSTEM'S FEATURES AND FUNCTIONS (HOW WOULD YOU RATE THE FEATURES AND FUNCTIONS YOU ARE CURRENTLY USING?)
RATINGS INCLUDED IN AVERAGE* Product Configuration/Management Illustration eApplication Underwriting and Case Management Billing Commission Management Reinsurance Management Business Intelligence / Analytics Claims Management Distribution Management Trading and Settlement
Rating systems if from other vendor Billing system if from other vendor Claims system if from other vendor Financial system Reinsurance system Other internal applications and databases External data sources
Responsiveness Project management Implementation completed on time Implementation completed on budget Overall project success Knowledge of your business
VENDOR'S POSTIMPLEMENTATION PROFESSIONAL SERVICES (AFTER IMPLEMENTATION, HOW WOULD YOU RATE THE VENDOR'S PROFESSIONAL SERVICES STAFF IN THE FOLLOWING AREAS?)
Know their own solution Know the insurance business Know your insurance company Responsiveness Reliability Cost of services Quality of services
Cloning an existing product to create a new product with overlapping but significantly different functionality Creating a new product basically from scratch based on standardized components Creating/using a user interface for use in a contact center, where queries based on customer name or policy number return all relevant policy data Creating rules that govern calculation functions and business process flows that are controlled by the system
Source: Celent *Scale 1 to 5, where 1 is poor and 5 is excellent. Not applicable or no opinion are not included in average.
Concerning fees, Celent asked vendors to provide first year license and first year other implementation costs (work by the insurer, vendor, or third parties) for two hypothetical insurance companies: Insurance Company A, a small life insurer, with a DWP of 250 million. Insurance Holding Company B, with four operating companies, writing business in 5 or more EMEA countries, with a total combined DWP of 2.1 billion.
When discussing insurance customers of the various solutions, the profiles may use the terms very small, small, medium, large, and very large insurers. Very small insurers (Tier 5) have under 100 million in annual premium; small (Tier 4) have 100 million to 499 million; medium (Tier 3) have 500 million to 999 million; large (Tier 2) have 1 billion to 4.9 billion; and very large (Tier 1) have 5 billion or more.
DEPLOYMENT OFFERINGS SAAS OFFERING Yes, but no clients currently using Agilis life, pension, and annuities with SaaS deployment. Yes, Agilis life, pension, and annuities can run on Apple (iOS), Android, and Windows mobile devices. Yes, but no clients currently using Agilis life, pension, and annuities with BPO deployment.
MOBILE OFFERING
SUMMARY
Agile Financial Technologies is a Dubai-based IT vendor with offices in New York, Singapore and Mumbai and with implementations on the African continents. Agile Financial Technologies insurance client base represents mainly lower tier insurers (less than 100 million annual premium). Agilis Life, Pension and Annuities is a package policy administration system leveraging an external workflow engine from an Indian IT vendor called Karomi. Agile Financial Technologies can also offer a few additional components using independent software vendors such as Business Intelligence and Management Information and reporting. The back-office end user interface is articulated around data tables and red-highlighted text in order to navigate insured and policy data fields in a simple and straight-forward manner.
Agile Financial Technologies is a vendor with full insurance client base located in Africa. The company has managed to meet the nature of the African market and the size of insurers competing in this continent in the recent past and we think that with its Agilis Life, Pension and Annuities system, Agile Financial Technologies has a good asset to expand its client base going forward.
CUSTOMER BASE
The following table lists the customer base of Agile Financial Technologies for Agilis life, pension, and annuities in EMEA. Agile Financial Technologies target market for Agilis life, pension, and annuities includes Africa, Asia-Pacific, the Middle East, Latin America, and the US. Agilis is an integrated comprehensive solution and so its target market encompasses the entire business cycle ranging from registration to underwriting to designing plans. Agilis plans to expand to Europe and the UK in the second phase of its business plan.
Table 3: Agile Financial Technologies Customer Base
EMEA CLIENTS Total clients in production in EMEA: 6; Total clients in implementation mode: 0 Cameroon/1 Ivory Coast/1 Lesotho/1 Nigeria/1 Togo/1 Zimbabwe/1
MARQUEE CLIENTS CLIENTS ON MOST RECENT VERSION OF SOLUTION Source: Agile Financial Technologies RFI
CUSTOMER FEEDBACK
Two Agile Financial Technologies reference customers provided their feedback on the vendor and its solution. One customer generates between 100 and 500 million premiums annually and uses Agilis to support various individual and group life insurance products including term life, annuity, disability as well as income protection, accident and medical insurance. The second customer is a small insurer with annual premium under 100 million and uses the system to support a large spectrum of products in life, annuity, health and pension insurance in both the individual and group categories. Both references have been running Agilis between 1 and 3 years. As shown in Table 4, the vendor's post-implementation professional services received the highest rating at 4.9 out of 5.0. Reference customers gave their lowest rating, 4.4, to ease of integration and system's configurability performance. One reference client mentioned that business users can extensively maintain and make changes to the system on their own but the other reference mentioned that most if not all changes require the support of IT staff. On the positive side, one reference mentioned that Agilis is a fully integrated solution covering the entire business cycle and general ledger with fast, simple and flexible parameters used to create new insurance products and well-defined workflow covering all
the steps of insurance business, from underwriting to claim management, reinsurance and accounting. The other reference emphasized the ease of integration with 3rd party add-ons and flexible integrated document management". On the aspects to improve a reference customer mentioned that the vendor has to invest more, to capture their local market by fortifying their marketing team and improving on their local country market share.
Table 4: Agile Financial Technologies client feedback
5 4 3 2 1
COMPONENT
PRODUCT CONFIGURATION/ MANAGEMENT ILLUSTRATION EAPPLICATION UNDERWRITING AND CASE MANAGEMENT BILLING
NOT AVAILABLE
COMPONENT
COMMISSION MANAGEMENT REINSURANCE MANAGEMENT BUSINESS INTELLIGENCE / ANALYTICS CLAIMS MANAGEMENT DISTRIBUTION MANAGEMENT TRADING AND SETTLEMENT CUSTODY AND ADMINISTRATION CONTENT MANAGEMENT PORTAL DOCUMENT AUTOMATION OTHER (WORKFLOW AND DMS): OTHER (MOBILE)
NOT AVAILABLE
Agilis life, pension, and annuities supports multiple currencies, as well as multiple languages. The solution supports a double byte character set, and language and currency are set on a single instance. Agilis life, pension, and annuities supports most protection and annuity products as shown in Table 6.
Table 6: Supported Products LEVEL OF SUPPORT (NUMBER OF INSURERS) PRODUCT GROUP
PROTECTION
PRODUCT LINES
Term Life Whole Life
INDIVIDUAL
6 6 6 6
GROUP
10
INDIVIDUAL
6 6 6 6 6 6 6 Supported but not in production 6 6 6 6 6 6 6 6 6 6
GROUP
Supported but not in production Supported but not in production Supported but not in production 6
Supported but not in production Supported but not in production Supported but not in production 6
Vision Insurance
Dental Insurance
PENSION
TECHNOLOGY
An overview of Agilis life, pension, and annuities technology options is provided in Table 7.
Table 7: Technology Options
CODE BASE FEATURES/FUNCTIONS/SCREENS FOR EVERYDAY BUSINESS USERS CONFIGURATION AND DEVELOPMENT PLATFORM 100% Java (Using Oracle Forms)
11
Java Windows Server 2008 Agilis supports Oracle 11i as the application server.
USER INTERFACES INTERNAL BUSINESS USER Primary interface: 100% browser-based (HTML5) Secondary interface: 100% browser-based (HTML with flash, silverlight, or similar), Local Java application, Local .NET application CONFIGURATION AND DEVELOPMENT 100% browser-based (HTML5), 100% browser-based (HTML with AJAX/Web2.0), 100% browser-based (HTML with flash, Silverlight, or similar), local Java application, local .NET application. (Different UI used for test, environment, development, and production) DATABASES PREFERRED OPTIONS WEB SERVICES / INTEGRATION OPTIONS PREFERRED OPTIONS Source: Agile Financial Technologies RFI Flat Files Oracle
LIMITED PROFILES
The following sections contain limited profiles of vendors and solutions. The features, functionality, and value offered by these solutions may be equal or even greater than that offered by various full profile vendors and solutions. There are several reasons why a vendor and solution might have a limited profile, including newness to the EMEA market, a low number of insurers using the system, limited references, or vendor request. In some cases these vendors are well established in EMEA and may even have other systems or older versions of a system that meet the full requirements, but did not have enough insurers yet moved from implementation to production on the current major version of the system being profiled. Although these profiles are limited, they address most of the same topics as the preceding full profiles.
13
DEPLOYMENT OFFERINGS SAAS OFFERING Yes, but no clients currently using Agilis Health Insurance and Maintenance System with SaaS deployment. Yes, Agilis Health Insurance and Maintenance System is supported on Apple (iOS), Android, and Windows mobile devices. Yes, but no clients currently using Agilis Health Insurance and Maintenance System with BPO deployment.
MOBILE OFFERING
CUSTOMER BASE
Agile Financial Technologies target market for Agilis Health Insurance and Maintenance System includes Africa, Asia-Pacific, the Middle East, Latin America, and the US. Agilis Health Insurance and Maintenance System is an integrated comprehensive solution and so its target market encompasses the entire business cycle ranging from registration to underwriting and designing plans. Agilis plans to expand to Europe and the UK in the second phase of its business plan. So far the company has one client in Zimbabwe: Heritage Life Insurance.
14
Chapter: Agile Financial Technologies: Agilis Health Insurance and Maintenance System
TECHNOLOGY
An overview of Agilis Health Insurance and Maintenance System technology options is provided in Table 9.
Table 9: Technology Options
CODE BASE FEATURES/FUNCTIONS/SCREENS FOR EVERYDAY BUSINESS USERS 100% Java Using Oracle Forms, which deploys Java Applets to ensure effective transaction processing capability over the web. 100% Java
PLATFORM LANGUAGE OPERATING SYSTEMS AND SERVERS 100% Java Windows Server 2008 Agilis runs on Oracle 11i servers. USER INTERFACES INTERNAL BUSINESS USER Primary interface: 100% browser-based (HTML5) Secondary interface: 100% browser-based (HTML with flash, Silverlight, or similar), Local Java application, Local .NET application CONFIGURATION AND DEVELOPMENT 100% browser-based (HTML5), 100% browser-based (HTML with AJAX/Web2.0), 100% browser-based (HTML with flash, Silverlight, or similar), local Java application, local .NET application. (Different UI used for test, environment, development, and production) DATABASES PREFERRED OPTIONS WEB SERVICES / INTEGRATION OPTIONS PREFERRED OPTIONS ADDITIONAL OPTIONS Source: Agile Financial Technologies RFI Flat Files CSV files Oracle
15
Chapter: Agile Financial Technologies: Agilis Health Insurance and Maintenance System
Using Oracle Forms, which deploys Java Applets to ensure effective transaction processing capability over the web.
16
Chapter: Agile Financial Technologies: Agilis Health Insurance and Maintenance System
Copyright Notice
Prepared by Celent, a division of Oliver Wyman, Inc.
Copyright 2013 Celent, a division of Oliver Wyman, Inc. All rights reserved. This report may not be reproduced, copied or redistributed, in whole or in part, in any form or by any means, without the written permission of Celent, a divisi on of Oliver Wyman (Celent) and Celent accepts no liability whatsoever for the actions of third parties in this respect. Celent is the sole copyright owner of this report, and any use of this report by any third party is strictly prohibited without a license expressly granted by Celent. This report is not intended for general circulation, nor is it to be used, reproduced, copied, quoted or distributed by third parties for any purpose other than those that may be set forth herein without the prior written permission of Celent. Neither all nor any part of the contents of this report, or any opinions expressed herein, shall be disseminated to the public through advertising media, public relations, news media, sales media, mail, direct transmittal, or any other public means of communications, without the prior written consent of Celent. Any violation of Celents rights in this report will be enforced to the fullest extent of the law, including the pursuit of monetary damages and injunctive relief in the event of any breach of the foregoing restrictions. This report is not a substitute for tailored professional advice on how a specific financial institution should execute its strategy. This report is not investment advice and should not be relied on for such advice or as a substitute for consultation with professional accountants, tax, legal or financial advisers. Celent has made every effort to use reliable, up-to-date and comprehensive information and analysis, but all information is provided without warranty of any kind, express or implied. Information furnished by others, upon which all or portions of this report are based, is believed to be reliable but has not been verified, and no warranty is given as to the accuracy of such information. Public information and industry and statistical data, are from sources we deem to be reliable; however, we make no representation as to the accuracy or completeness of such information and have accepted the information without further verification. Celent disclaims any responsibility to update the information or conclusions in this report. Celent accepts no liability for any loss arising from any action taken or refrained from as a result of information contained in this report or any reports or sources of information referred to herein, or for any consequential, special or similar damages even if advised of the possibility of such damages. There are no third party beneficiaries with respect to this report, and we accept no liability to any third party. The opinions expressed herein are valid only for the purpose stated herein and as of the date of this report. No responsibility is taken for changes in market conditions or laws or regulations and no obligation is assumed to revise this report to reflect changes, events or conditions, which occur subsequent to the date hereof.
For more information please contact info@celent.com or: Jamie Macgregor Nicolas Michellod jmacgregor@celent.com nmichellod@celent.com
NORTH AMERICA
USA
200 Clarendon Street, 12th Floor Boston, Massachusetts 02116 Tel.: +1.617.262.3120 Fax: +1.617.262.3121
EUROPE
France
28, avenue Victor Hugo 75783 Paris Cedex 16 Tel.: +33.1.73.04.46.19 Fax: +33.1.45.02.30.01
ASIA
Japan
The Imperial Hotel Tower, 13th Floor 1-1-1 Uchisaiwai-cho Chiyoda-ku, Tokyo 100-0011 Tel: +81.3.3500.3023 Fax: +81.3.3500.3059
USA
1166 Avenue of the Americas New York, NY 10036 Tel.: +1.212.541.8100 Fax: +1.212.541.8957
Germany
Marstallstrasse 11 80539 Munich Tel: +49.89.242.68.581 Fax: +49 89.939.495.21
China
Beijing Kerry Centre South Tower, 15th Floor 1 Guanghua Road Chaoyang, Beijing 100022 Tel: +86.10.8520.0350 Fax: +86.10.8520.0349
USA
Four Embarcadero Center, Suite 1100 San Francisco, California 94111 Tel.: +1.415.743.7900 Fax: +1.415.743.7950
United Kingdom
55 Baker Street London W1U 8EW Tel.: +44.20.7333.8333 Fax: +44.20.7333.8334
India
Level 14, Concorde Block UB City, Vittal Mallya Road Banglalore, India 560001 Tel: +91.80.40300538 Fax: +91.80.40300400