SunGard has expanded the individual life policy administration functionality in its iWorks Compass solution, ready for deployment in the U.S. This expansion provides one global platform that supports three lines of business: life, annuity and health.
iWorks Compass supports traditional life, whole life and variable interest-sensitive policy administration for U.S. insurers. It helps carriers effectively administer group life and individual life, annuity, and health insurance products on a single platform. iWorks Compass also provides core administration capabilities that extend beyond traditional implementations including underwriting, suitability, new-business, issuance, claims, billing, and actuarial. iWorks Compass helps accelerate product configuration which helps carriers add new products quickly and easily and enter into new geographies.
Craig Weber, senior vice president of Celent's global insurance practice, said, "The technology supporting group life and annuity products and individual products has long mirrored the siloed product management approach used by most insurers.But vendors such as SunGard are giving insurers reason to rethink this strategy by supporting group and individual products on a common platform. This is an intriguing option for insurers that support both product types and that are hoping to create efficiencies."
Andrew Sam, senior vice president of SunGard's iWorks Compass business unit, said, "SunGard's iWorks Compass provides insurers with a cost-effective, single platform to help them expand into new and adjacent markets. It will help insurers with new product development capabilities to accelerate cross-sell and up sell opportunities.The new individual life functionality leverages SunGard's proven strength in group life and worksite. SunGard delivers enterprise capabilities serving insurers of all sizes, ranging from small regional carriers in emerging markets to global multi-line, multi-national conglomerates to help carriers administer these new individual insurance products."