Celent sees illustration vendors making functionality changes not seen previously in their systems as more emphasis is placed on illustration output, the use of mobile devices, and user-level configuration. Additionally, today's illustration systems more frequently include full integration with point of sale and new business tools.
Illustrations are a required and heavily regulated part of life insurance sales, but the changing functionalty of these systems has made them more than a tool to illustrate an insurance policy. Illustrations are becoming a key factor in keeping producers happy and improving the efficiency of the life insurance sale. In a new report, North American Illustration Systems 2012: A Sketch of Eight Vendor Systems, Celent identifies 10 major trends evident in today's vendor illustration system functionality.
"With the newest cadre of illustration systems, insurers are able to leverage their investment in illustrations across the broader new business process," says Karen Monks, Analyst with Celent's Insurance group and author of the report. "Illustrations can clearly help improve efficiency and lower costs in the new business process."
Several of today's illustration systems integrate into new business functions such as contact management, needs analysis, illustrations, and electronic applications. lIlustration vendors have brought their systems to a point where calculating premiums and policy values is a given. These systems now act as part marketing tool, part new business tool, part mobile technology tool, and part required compliance tool. Today's illustration system can help an insurer deliver better overall value on their illustration investments.
This report provides seven full profiles and one limited profile of vendors selling illustration systems in North America. Vendors profiled include Accenture, illustrate inc., iPipeline, LPS Group, Novinsoft, StoneRiver, WELIS, and Insurance Technologies.