(Photo credit: Jerry Segraves.)
SunGard (Wayne, Pa.) has launched iWorks Enterprise Life Admin, a pre-configured cloud-based policy administration solution designed for quicker, lower-risk implementation. The new solution is pre-configured to support both group and voluntary life insurance products, helping carriers to reduce up-front investment and the complexity and risk of launching new products, while supporting transformation initiatives, according to the vendor.
SunGard describes iWorks Enterprise Life Admin as a new offering based on the vendor’s iWorks Compass policy administration solution and rules engine with pre-configured products, a new user service portal and managed services. The solution includes new analytics tools and a business intelligence framework for investments, accounting and risk. It also features a new service portal, which streamlines the insurance new business process, according to Mark Courtepatte, VP, product management. The solution has roles-based menus, enabling clients to authorize users’ access only to the functions they need, Courtepatte adds.
“iWorks Enterprise Life Admin is focused on the tier 2 and under insurance companies and third party administrators, as it provides preconfigured products, managed service and a cloud platform, while the iWorks Compass solution is mostly targeted at tier 1 insurers as the products are customized for each client and typical installations are on premises,” Courtepatte notes.
“In the highly competitive insurance market, carriers are driven to expand their product offerings to meet changing consumer demands, as well as reduce the operational risk of aging legacy systems, complex implementations and upgrades,” comments Sam Stucka, research director, CEB TowerGroup. “As a result, cloud-based solutions can help alleviate the common challenges of PAS projects and accelerate business agility.”