Philadelphia and Montreal, February 28, 2022 – Equisoft, the global digital solutions provider to insurance and wealth management companies, is proud to announce that it was ranked in the highest category, “Luminary”, in Celent’s latest report on policy administration systems (PAS) in Latin America (LATAM), powered by VendorMatch.
This report is the fifth in Celent’s biennial look at the PAS that are available to LATAM life insurers. It profiles 17 PAS in use or being marketed for life, pension, and annuities products, and assigns solutions to one of five categories based on their sophistication and the breadth of their technology. The report includes company information, product overviews, and vendor/system details such as: functionality, technology, implementation & support, commercial terms, and customer base.
The categories are:
- Luminary: Excels in both Advanced Technology and Breadth of Functionality.
- Technology Standout: Excels in Advanced Technology but does not yet have as many features as leading competitors (low on Breadth of Functionality). Often newer, these solutions typically have chosen a focused set of functions with which to begin their journey.
- Functionality Standout: Low on Advanced Technology, good on Breadth of Functionality (likely big installed base). Often more established, these solutions have built out a robust set of features with technology that is no longer cutting edge.
- Noteworthy Solution: Relatively lower on both dimensions, and still worthy of consideration by the right financial institution.
- Developing Solution: Typically, new to the market and quite low on either Advanced Technology or Breadth of Functionality. Has the potential to mature into a more robust offering over time.
Equisoft is one of only three vendor/solution combinations to be ranked as “Luminary”, which means that it excels in both Advanced Technology and Breadth of Functionality.
“We are convinced that Equisoft/manage’s recognition as a “Luminary” solution is the result of our efforts to help industry players speed up their digital transformation. People in this industry always expect the best, and we strive to meet those expectations. Equisoft/manage’s advanced technology helps our clients boost their performance and improve their customer experience,” said Mauricio Monroy, Equisoft Vice President, LATAM and Spain.
What is a PAS?
A PAS is a system that records all policies written by an insurance company. At a general level, a PAS is a repository of policy-level data related to insurance plans, policy coverage amounts, benefits and riders, policy duration, etc. A permanent policy record is created when a policy is issued and includes the policy’s complete history up to its payout, termination, cancellation, and/or reinstatement.
Why is PAS modernization important?
Insurers face increasing competition from within the sector and beyond as companies leverage technology to meet client preferences for digital experiences.
To maintain an edge, insurance leaders must accelerate product innovation and enhance client experience, which is difficult or impossible to accomplish with decades-old legacy PAS that trap data in silos, require code changes for most product updates and do not support APIs that would connect to digital sales and service solutions or third-party integrations.
PAS modernization enables companies to become fundamentally digital, from policy application to renewal.
Equisoft/manage addresses those challenges:
- It is a SaaS, out-of-the-box, modern PAS that is a foundational solution for insurers engaged in digital transformation.
- It can be hosted on public or private cloud solutions.
- It supports all product lines.
- It supports all core functionalities and business processes, from quoting and claims administration to payouts.
- It is configurable by the client across all identified categories through business or IT tools.
- It supports all API needs identified by Celent.
Founded in 1994, Equisoft is a global provider of advanced insurance and investment digital solutions. Recognized as a valued partner by over 220 of the world’s leading financial institutions in 16 countries, Equisoft offers a complete ecosystem of solutions, from innovative front-end applications to extensive back‑office services and unique data migration expertise. The firm’s flagship products include a SaaS policy administration solution, CRM, financial needs analysis, financial planning, asset allocation, fund and portfolio analysis, quotes and illustrations, electronic application, agency management systems, as well as customer, agent and broker portals. Equisoft is also Oracle’s largest and most experienced partner for the OIPA platform. With its business-driven approach, deep industry knowledge, innovative technology, and expert teams based in Canada, USA, UK, Chile, Colombia, South Africa, India and Australia, Equisoft helps its clients tackle any challenge in this era of digital disruption. For more information about our products and services, please visit www.Equisoft.com.
For more information:
Mauricio Monroy, Vice President, LATAM and Spain, Equisoft, 1-888-989-3141, extension 214, firstname.lastname@example.org