Fadata named a MQ Leader in the 2019 Life Insurance PAS, Europe report
April 7, 2020
Evaluation Based on Completeness of Vision and Ability to Execute.
Fadata, a major provider of software solutions to the insurance business has been positioned by Gartner, Inc. in the Leaders Quadrant of the October 2019 Magic Quadrant for Life Insurance Policy Administration Systems, Europe.
The report provides very interesting perspective towards the Insurance PAS market, key trends and client requirements, plus an overview of 10 vendors on the market with their strengths and cautions.
In our view among the reasons why Fadata is named a MQ Leader are the following:
- Our highly flexible system, business-user-friendly workflow and BPM tool
- Our advanced service-oriented architecture
- Our extensive partner network which enables us to extend our implementation and integration capabilities
- The training program for system integrators, testers, end users, configuration and integration we offer
Below we share a few highlights from the report:
- “The European life insurance policy administration market remains highly fragmented and localized, and vendor competition is heightened as vendors are increasingly targeting additional markets in Europe in search of new clients. New deals remain hard to achieve with the European market, where most vendors are winning just one new client per year. This competitive landscape has caused vendors to differentiate by expanding their offerings beyond basic portal solutions and simple analytics to enhanced multichannel digital experiences, including a broader array of BI dashboards and reports.”
- “The PAS vendors are also increasingly looking to certify, or even incorporate, additional solutions into their core offerings. The additional digital capabilities and supporting modules being incorporated — for example, portals, BI and early use cases of machine learning in claims and underwriting — come from insurtechs and other established technology players.”
- “Current policy administration system developments and their roadmaps are reflecting the needs of life insurance CIOs to provide the system and data foundations for digital business platforms and ecosystems. Vendors are investing heavily in the openness of their platforms to be able to integrate with a wider portfolio of systems seamlessly. The vendors are increasing the catalogs and functionality of their APIs, along with providing integration accelerators for known CRM, business intelligence (BI), business process management (BPM) and other third-party systems.”
- “The leading vendors have gone beyond this to increase relevance and offer more digital capabilities to the insurance company. They have extended their networks of technology partners to gain additional capabilities outside of traditional policy administration systems and evolve into platform vendors. A platform vendor is one that allows different partners to come together to offer a unified proposition and has established an ecosystem of partners to keep enhancing that proposition.”
- “If ease of integration is a must-have, then so is support for continuous improvement and rapid change to include latest changes in products, processes and support for digital models. Vendors have previously spent effort in improving their solutions for out-of-the-box preconfigured content. Focus has now shifted to moving toward more continuous delivery by applying DevOps principles, improving automated testing and increasing the frequency of releases”
Access the full report here.
Gartner, Magic Quadrant for Life Insurance Policy Administration Systems, Europe, Laurie Shotton, Manav Sachdeva, 14 October 2019
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Written by Fadata Group
Fadata Group is a leading provider of software solutions for insurance companies. It helps insurers stay competitive in the digital economy by implementing the processes needed to connect faster and more effectively with their customers and distribution partners.