As part of its unified enterprise insurance solution strategy, SunGard has launched iWorks Enterprise Life Admin, a cloud-based policy administration solution (PAS) that helps insurance carriers increase competitive advantage and business growth through faster 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.
According to CEB TowerGroup research, 38 percent of insurance firms intend to adopt or replace their policy administration technology before 2017,1 and 59 percent of insurance firms expect spending on cloud solutions technology to increase in the next two years.2
“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. As a result, cloud-based solutions can help alleviate the common challenges of PAS projects and accelerate business agility,” Sam Stuckal, Research Director, CEB TowerGroup.
“Because policy administration system projects are mission-critical, implementations tend to be among the longest and most complex. SunGard is helping insurers fundamentally transform and streamline their business processes with the launch of iWorks Enterprise Life Admin to help reduce the complexity of PAS implementations and drive business growth initiatives more quickly, especially for small to medium sized insurance carriers,” Bill Diaz, president, SunGard’s insurance business.