atulpmrApril 25, 2021
According to a recent market report published by Persistence Market research titled, “Life insurance policy administration system Market-Global Industry Analysis 2013–2017 and Forecast 2018–2026,” the life insurance policy administration system market was valued at US$ 4,482.0 Mn in 2017, and is expected to register a CAGR of 12.0% from 2018 to 2026. The need to remain up-to-date and its feature to maximize the ability to respond to changes in the business are among the major factors driving the life insurance policy administration system market.
A life insurance policy administration system is a system that provides end-to-end lifecycle management of individual, group life and pension products. Thus, it is a software that helps insurers manage life and annuity insurance policies. With the help of a life insurance policy administration system, organizations can maintain a record of the policies issued by them to clients, calculate policy costs, as well as design new policies. A life insurance policy administration system can improve the flexibility and administration of different insurance policies. Moreover, it can be implemented as a part of an integrated insurance suite or as a standalone solution.