Jamie Macgregor and Nicolas Michellod November, 2013

EMEA POLICY ADMINISTRATION SYSTEMS 2013 LIFE, ANNUITIES, PENSION, AND HEALTH ABCD VENDOR

VIEW

CONTENTS

Introduction .................................................................................................................... 1

Report Methodology ....................................................................................................... 2

Celent’s ABCD Vendor View ........................................................................................... 5

Vendor Profiles ............................................................................................................... 7

Sapiens: ALIS............................................................................................................... 10

Leveraging Celent’s Expertise ...................................................................................... 17

Related Celent Research .............................................................................................. 18

INTRODUCTION

This report is part of a series on policy administration systems (PAS) in EMEA, North America, and Asia-Pacific. This report profiles the majority of the life, pension, health, and annuities insurance administration systems available in EMEA today.

This report includes full profiles for the 28 systems that fully met the inclusion criteria described in the “Report Methodology” section of this report. Twenty-one limited profiles are provided for a variety of reasons did not fully meet the inclusion criteria. For a full list of vendors in this report, see Table 1.

This report uses Celent’s ABCD vendor view, which is our standard representation of a vendor marketplace, designed to show at a glance the relative positions of each vendor in four categories: Advanced technology, Breadth of functionality, Customer base, and Depth of client services. Insurers should consider which factors in breadth, technology, experience, and client service are most important to them, and review the detailed profiles in this report to assess vendor suitability.

Like in our last report, vendors continue to make important advances in usability and personalization. Many added or upgraded web based portal interfaces that benefit customer service representatives, underwriters, and different distribution forces. System administration capabilities for configuring products, rules, workflow, document management, and user interfaces have also improved—although, overall, these changes have occurred at more modest pace than improvements for end users. Additionally, the systems profiled continue to add support for new lines of business, particularly group products.

Despite the ongoing economic uncertainty, insurers have continued to renew and/or replace policy administration systems. We believe that these initiatives are necessary to help the industry address growth, service and distribution imperatives. This report should help insurers refine their core systems strategies and, where appropriate, create a list of appropriate vendors for evaluation. Expanded PAS functionality and improved technology means that insurers continue to have a wide spectrum of systems and vendors to consider when they are looking for a solution to fits their needs.

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REPORT METHODOLOGY

CRITERIA FOR INCLUSION Celent’s objective has been to include in this report as many as possible of the leading life/health/pension/annuity policy administration systems being used or actively sold to EMEA insurers.

This report contains two types of profiles: full and limited. The topics covered in both types of profiles are broadly similar; however, full profiles are written with more details and include comments from reference insurers. Additionally vendors with policy administration system written as a full profile are included in the Celent ABCD vendor view; limited profile systems are not.

The four key criteria to be included as a full profile are:

At least two EMEA life, health, or annuities insurance customers in production with the current version of the system.

At least one new sale to one new EMEA life, health, pension or annuities insurance customer within the last 24 months.

Support for and live implementations of at least two lines of business.

Participation by at least two reference customers.

These criteria were designed to maximize the number of systems that can be reasonably expected to remain available (and viable) based on vendor size and strength, maturity of each product and its client base, and other important factors.

The Limited Profile section includes 21 systems that did not meet the criteria for a full evaluation or for other reasons opted to be a limited profile. Although the systems are profiled in a limited manner, the vendors did provide significant information about their offerings.

EVALUATION PROCESS Celent sent a detailed RFI to a broad set of policy administration system vendors. After Celent received completed RFIs, each vendor provided a briefing and demo for Celent concentrating on usability and functionality for everyday users as well as rules, tools, and connectivity issues for IT or administrative users.

Celent also asked at least two references provided by each vendor to complete a survey and/or an interview in order to obtain their view of the system’s business and technology value.

Both the RFIs and the reference surveys provided quantitative and qualitative data that was included in the system profiles. Vendors had an opportunity to review their profiles for factual accuracy but did not influence the overall evaluation of the system or the vendor’s placement in the ABCD Vendor View. Celent of course has retained final authority over the content of the published profiles. Some of the vendors profiled in this report are Celent clients, and some are not. No preference was given to Celent clients either for inclusion in the report or for the subsequent evaluation.

Not all data gathered from the detailed RFI, vendor briefing and demo, and reference surveys/interviews has been included in each profile. Rather, Celent has attempted to

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capture key points and values about each vendor at an appropriate level. Unpublished information remains in the Celent knowledge base and is available to Celent’s subscription or consulting clients.

A detailed list of vendors profiled in this report is shown in Table 1.

Table 1: Vendors Profiled in this Report

FULL PROFILES PRODUCTS

ACCENTURE Accenture Life Insurance Platform (ALIP)

AETINS ISF Life

AGILE FINANCIAL TECHNOLOGIES Agilis Life, Pension, and Annuities

AIRAS INTERSOFT iGas

AIRIAL CONSEIL Life Systems

AQUILA administrator

BSB Solife

COMARCH Comarch Life Insurance

COR&FJA AG COR.FJA Life Factory

CSC GraphTalk A.I.A

DUNSTAN THOMAS Imago

EXAXE Income Plus and Invest Plus

FADATA INSIS

GBST WEALTH MANAGEMENT Composer

I2S INFORMÁTICA-SISTEMAS E SERVIÇOS SA Global Insurance Solution (GIS)

IN2 LIMITED INsurance2

INDRA iOne

LEANAPPS LeanApps Life

MPHASIS-WYDE Wynsure

PROFIT SOFTWARE LTD Profit Life&Pension (PLP)

PSLIFE GMBH PSLife

RGI GROUP PASS_INSURANCE

SAP AG SAP Policy Management

SAPIENS ALIS

SUNGARD iWorks Compass

TCP LIFESYSTEMS SS/G

TCS TCS BaNCS

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VEREYCKEN & VEREYCKEN UL3

LIMITED PROFILES PRODUCTS

3I INFOTECH LIMITED Premia Life Insurance Solution

ADACTA AdInsure Life

AGILE FINANCIAL TECHNOLOGIES Agilis Health Insurance and Maintenance System

ASSECO GROUP StarINS

BRAVURA Sonata

C2L BIZ SymbioSys - PAS

CONSIS INTERNATIONAL Acsel-e

COOPENGO Coopengo

DIASOFT Flextera Insurance

ESKADENIA SOFTWARE ESKA Insures / Life Insurance System

HP Ingenium

HP Radience

IFDS GROUP Percana

IMAGINATION TECHNOLOGY The Citadel

INSURANCE GLOBAL OPERATIONS IGO6

ITELLO AB Inca

MASTEK Elixir

NTT DATA FA INSURANCE SYSTEMS FirstLife

PRAGMA CONSULT Life Orkestra

PRIMA SOLUTIONS Prima Insure

SOFTRONIC ITM

Source: Celent

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CELENT’S ABCD VENDOR VIEW

Celent’s framework for evaluating vendors is called the Celent ABCD Vendor View. This is a standard representation of a vendor marketplace designed to show at a glance the relative positions of each vendor in four categories: Advanced technology, Breadth of functionality, Customer base, and Depth of client services.

The Celent ABCD Vendor View shows relative positions of each solution evaluated. Each vendor solution is judged relative to the others in the group.

While this is a standard tool that Celent uses across vendor reports in many different areas, each report will define each category slightly differently. For this report, some of the factors used to evaluate each vendor are listed in Table 2.

Table 2: Examples of Factors Used in Policy Administration System ABCD

ABCD CATEGORY FACTOR

ADVANCED TECHNOLOGY (AND FLEXIBLE TECHNOLOGY)

Modernity of platform

Deployment option flexibility (i.e., range of databases, application servers, etc. supported)

Core adaptability / extendibility (i.e., openness of application, code

base, data model, etc.)

Ease of change (i.e., change tooling, impact evaluation support, etc.)

Mobile availability

BREADTH OF FUNCTIONALITY

Functions and features provided in base offering

Power and ease of use of product and rules configuration

Supported lines of business and number of deployments for different lines of business

User experience

Power and ease of use of user interfaces

CUSTOMER BASE

Number of live insurers using the system for life, health, or annuities lines of business

Customer base by size of insurers

New client momentum

DEPTH OF CUSTOMER SERVICE

Size and experience of professional services and support team

Insurers’ implementation experiences

Insurers’ post-implementation experiences

Source: Celent

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THE XCELENT AWARDS XCelent Within this framework, the top performers in each of the ABCD dimensions receive a corresponding XCelent Award:

XCelent Technology for the leading Advanced Technology score

XCelent Functionality for the leading Breadth of Functionality score

XCelent Customer Base for the leading Customer Base score

XCelent Service for the Depth of Service score

XCELENT TECHNOLOGY AND XCELENT FUNCTIONALITY Figure 1 positions each vendor along two dimensions: the vertical axis displaying the relative rankings for Advanced Technology and the horizontal axis showing relative Breadth of Functionality rankings. The XCelent Breadth of Functionality award goes to Sapiens.

Figure 1:XCelent Technology and XCelent Functionality

Source: Celent

Celent advises insurers to take into account past vendor results, but not to compare the placement of vendors in the charts from prior years because not only is the market changing, but so has our analysis. The criteria used to determine the A, B, C, and D rankings in this report are not identical to the criteria used in the previous Celent policy administration system vendor report published in 2011. The market is also evolving due to acquisitions and partnerships, solution development, and alternative delivery models.

We suggest that insurers consider their specific needs and each vendor for what it offers. Although they are very successful in one or more of the criteria, the XCelent Award winners may not be the best match for an insurer’s specific business goals and solution requirements.

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VENDOR PROFILES

Each profile presents information about the vendor and solution; professional services and support capabilities; customer base and reference customer feedback; functionality and lines of business deployed; usability, product configuration, and workflow abilities; technology, implementations, and cost; and some summary comments.

Each profile includes a table of available end-to-end components which lists the vendor’s breakdown of its system into components. The profiles also include a list of in production and supported lines of business and the number of clients using the system for those products. Additionally, the profiles include a table of technology options.

Customer feedback was gathered through the use of an online survey. Each customer feedback section includes a diagram that displays the average ratings given to the vendor in the areas of implementation capabilities, post implementation professional services, satisfaction with features/functionality, ease of integration, and system configurability performance. Each average rating includes up to eight underlying ratings scored by the customer on a scale of 1 to 5 where 5 is excellent. Open ended comments regarding the system and the vendor are also included.

Table 3: Client Feedback Ratings Included in Diagram Averages

DIAGRAM AVERAGE (QUESTION ASKED) RATINGS INCLUDED IN AVERAGE*

SYSTEM'S FEATURES AND

FUNCTIONS

(HOW WOULD YOU RATE THE FEATURES AND FUNCTIONS YOU ARE CURRENTLY USING?)

Product Configuration/Management

Illustration

eApplication

Underwriting and Case Management

Billing

Commission Management

Reinsurance Management

Business Intelligence / Analytics

Claims Management

Distribution Management

Trading and Settlement

Custody and Administration

Content Management

Portal

Document automation

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DIAGRAM AVERAGE

(QUESTION ASKED)

RATINGS INCLUDED IN AVERAGE*

EASE OF INTEGRATION

(WHAT HAS BEEN YOUR EXPERIENCE WITH INTEGRATING THE SYSTEM WITH OTHER SYSTEMS, TOOLS, AND DATA?)

Rating systems — if from other vendor

Billing system — if from other vendor

Claims system — if from other vendor

Financial system

Reinsurance system

Other internal applications and databases

External data sources

VENDOR'S

IMPLEMENTATION CAPABILITIES

(IF YOU ARE FAMILIAR WITH

THE ORIGINAL IMPLEMENTATION OF THIS SYSTEM AT YOUR

COMPANY, HOW WOULD YOU RATE THIS VENDOR IN THE FOLLOWING AREAS?)

Responsiveness

Project management

Implementation completed on time

Implementation completed on budget

Overall project success

Knowledge of your business

VENDOR'S POST-

IMPLEMENTATION PROFESSIONAL SERVICES

(AFTER IMPLEMENTATION, HOW

WOULD YOU RATE THE VENDOR'S PROFESSIONAL SERVICES STAFF IN THE FOLLOWING AREAS?)

Know their own solution

Know the insurance business

Know your insurance company

Responsiveness

Reliability

Cost of services

Quality of services

SYSTEM'S CONFIGURABILITY PERFORMANCE

(IF APPLICABLE HOW WOULD YOU RATE THE CONFIGURABILITY PERFORMANCE WHEN PERFORMING THE FOLLOWING ACTIONS?)

Cloning an existing product to create a new product with overlapping but significantly different functionality

Creating a new product basically from scratch based on standardized

components

Creating/using a user interface for use in a contact center, where queries based on customer name or policy number return all relevant policy data

Creating rules that govern calculation functions and business process flows that are controlled by the system

Source: Celent

*Scale 1 to 5, where 1 is poor and 5 is excellent. Not applicable or no opinion are not included in average.

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Concerning fees, Celent asked vendors to provide first year license and first year other implementation costs (work by the insurer, vendor, or third parties) for two hypothetical insurance companies:

Insurance Company A, a small life insurer, with a DWP of €250 million.

Insurance Holding Company B, with four operating companies, writing business in 5 or more EMEA countries, with a total combined DWP of €2.1 billion.

When discussing insurance customers of the various solutions, the profiles may use the terms very small, small, medium, large, and very large insurers. Very small insurers (Tier 5) have under €100 million in annual premium; small (Tier 4) have €100 million to €499 million; medium (Tier 3) have €500 million to €999 million; large (Tier 2) have €1 billion to €4.9 billion; and very large (Tier 1) have €5 billion or more.

The following sections provide the profiles of IT vendors in alphabetical order.

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SAPIENS: ALIS

COMPANY AND PRODUCT BACKGROUND Sapiens (NASDAQ/TASE: SPNS) provides global packaged-based solutions to life insurance and pension companies. Its solutions are based on ALIS, a single modular software package, which manages the policy lifecycle of life insurance, pensions and investment products.

Table 4: Sapiens Snapshot

COMPANY INFORMATION

COMPANY SIZE US$113.91 million (FYE 12/31/2012) company revenues. Source:sapiens.com

Approximately 1,000 corporate, 420 of whom provide professional services/support for ALIS. The average experience level of the team is seven years.

HEADQUARTERS LOCATION Israel

POLICY ADMINISTRATION SOLUTION

SYSTEM NAME ALIS

LAUNCH DATE 2000

LAST MAJOR RELEASE Version 6 (2011-2012) changed the infrastructure & foundation of the service layer and UI to extend SOA

capabilities, screen flexibility and configurability.

Current version: 6.5 (April, 2013)

Future plans include transforming the product

configuration module from powerbuilder to Java.

DEPLOYMENT OFFERINGS

SAAS OFFERING No, however CloudALIS is on 2014 roadmap

MOBILE OFFERING Yes. ALIS user interface is browser agnostic and can be accessed via mobile devices. ALIS has been deployed as a native app on iOS for illustrations, quick

quotes, and commission management.

BPO SERVICE OFFERING Yes, through a partner such as Wipro, however no BPO clients on ALIS.

Source: Sapiens

SUMMARY ALIS offers a wide range of policy administration features and functionality for a broad range of individual and group life, health and annuity lines of business. ALIS continues to be one of the leading products in the region with regular appearances on client short-lists.

The product has one of the most elegant and intuitive user interfaces on the market, with features such as context sensitive menu structures and ‘hover-over’ information pop-ups, all supported by a design principle that the user should never be more than 1-2 clicks away from the data. The graphical renditions for illustrations and other visual

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representations for the data, such as party relationships and time-based policy changes are also among the best that Celent have seen.

Having been successful in both the US and Europe, the product is rich in capabilities. Product configuration is well structured and documentation is supported through an online portal, where services created through the workbench can be published for internal business analysts and developers.

Since our 2011 report, the merger of Sapiens with FIS (the original software firm behind ALIS) has completed. Client feedback around the positioning of the merger has been broadly positive, with Sapiens seen as providing greater resources to ALIS for continued development and expansion of its professional services capabilities.

CUSTOMER BASE The following table lists the customer base of Sapiens for ALIS in Europe, the Middle East and Africa (EMEA). Sapiens target market for ALIS in EMEA is tier 1 and 2 insurance companies across multiple product lines. The product has been sold mainly in North America and Europe; however it has also been sold in the Middle East and Australia.

Table 5: Sapiens Customer Base

EMEA CLIENTS Total clients in production = 10

UK/6

Israel/2

France/1

Belgium/1

Total clients in implementation mode: 1

NEW EMEA CLIENTS SINCE JAN. 1, 2011 1

NUMBER OF CLIENTS OUTSIDE OF GEOGRAPHY

US/3 Australia/1

MARQUEE CLIENTS Scottish Widows (UK), Bright Grey (UK), KBC (Belgium)

CLIENTS ON MOST RECENT VERSION OF

SOLUTION

0

Source: Sapiens RFI

CUSTOMER FEEDBACK Two reference customers provided feedback on ALIS. One customer generates between €100 and 500 million premiums annually and uses the ALIS to support various individual life insurance products. The second customer is a small insurer with annual premium under €100 million and uses the system to support individual term life and critical illness. Both references have been running ALIS for more than 3 years.

In general, reference customers were positive about the solution. As shown in Table 6, Sapiens implementation capabilities was rated 3.8 out of 5.0, which is the highest rating, given by the vendor’s reference customers.

On the positive side, references mentioned the vendor’s “ability to react in a crisis, managing high severity incidents, flexibility to support volume of project change work and

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strength and support from onsite team”. On the improvement side, a reference would like to see “improved configuration management to manage parallel streams of work” as well as “improved functional testing to prevent defect leakage”.

Table 6: Sapiens client feedback

Source: Sapiens client feedback survey

FUNCTIONALITY AND LINES OF BUSINESS ALIS offers most functionality bundled with the solution or through web services to third party providers for business intelligence, content and document management, and portals.

Table 7: High Level Component Availability

COMPONENT

CAN BE LICENSED/

INSTALLED AS

STAND-ALONE COMPONENT

(WITHOUT PAS

SOLUTION)

AVAILABLE ONLY

BUNDLED WITH PAS (NO

ADDITIONAL

COST)

AVAILABLE ONLY

BUNDLED WITH PAS (WITH

ADDITIONAL

COST)

AVAILABLE

THROUGH ISV

NOT

AVAILABLE

PRODUCT CONFIGURATION/

MANAGEMENT

ILLUSTRATION

EAPPLICATION

UNDERWRITING AND

CASE MANAGEMENT

BILLING

1

2

3

4

5

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COMPONENT

CAN BE

LICENSED/ INSTALLED AS STAND-ALONE

COMPONENT (WITHOUT PAS

SOLUTION)

AVAILABLE ONLY

BUNDLED WITH

PAS (NO ADDITIONAL

COST)

AVAILABLE ONLY

BUNDLED WITH

PAS (WITH ADDITIONAL

COST) AVAILABLE

THROUGH ISV NOT

AVAILABLE

COMMISSION MANAGEMENT

REINSURANCE MANAGEMENT

BUSINESS

INTELLIGENCE / ANALYTICS

CLAIMS MANAGEMENT

DISTRIBUTION

MANAGEMENT

TRADING AND

SETTLEMENT

Settlement not

available

CUSTODY AND ADMINISTRATION

CONTENT MANAGEMENT

PORTAL

DOCUMENT AUTOMATION

OTHER (FULL AGENCY

MANAGEMENT)

OTHER (FULL POLICY SERVICING AND

ADMIINISTRATION)

OTHER (WORKFLOW)

Source: Sapiens RFI

ALIS supports multiple currencies, as well as multiple languages. English, French, Hebrew, and Flemish are currently in production. ALIS includes a mechanism to allow using any number of currencies with an exchange rate mechanism. The solution supports a double byte character set, and language and currency are supported on a single instance.

ALIS supports most protection, annuity, health and pension products as shown in Table 8.

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Table 8: Supported Products

PRODUCT GROUP PRODUCT LINES

LEVEL OF SUPPORT

(NUMBER OF INSURERS)

INDIVIDUAL GROUP

PROTECTION Term Life 8 2

Whole Life 3 Supported but not in

production

Variable Life 4 Supported but not in production

Universal Life 2 Supported but not in production

Variable Universal Life 2 Supported but not in

production

ANNUITIES Fixed Annuities 1 1

Variable Annuities Supported but not in

production

Supported but not in

production

HEALTH Short-term disability 5 Supported but not in production

Long-term disability 5 Supported but not in production

Income protection 3 1

Long-Term Care 1 Supported but not in production

Accident Insurance 4 Supported but not in production

Critical Illness insurance 6 Supported but not in

production

Medical Insurance 1 Not supported

Vision Insurance Supported but not in production

Not supported

Dental Insurance Supported but not in

production

Not supported

Assistance Programs / Other Concierge Services

Supported but not in production

Not supported

PENSION Pension (Defined Contribution)

3 Supported but not in production

Wrap 1 Supported but not in

production

SAVINGS Long-Term Savings (Bonds,

Mutual Funds, etc)

3

Source: Sapiens RFI

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TECHNOLOGY Technology options for ALIS are listed in Table 9.

Table 9: Technology Options

CODE BASE

FEATURES/FUNCTIONS/SCREENS FOR

EVERYDAY BUSINESS USERS

60% Java, 40% C++

CONFIGURATION AND DEVELOPMENT 55% Java, 35% C++, 10% PowerBuilder

PLATFORM

LANGUAGE Java

Redesigning the configuration console to provide a fully browser-based UI and completely eliminate

PowerBuilder.

OPERATING SYSTEMS AND SERVERS OS: Windows, Unix (various types), Linux.

Servers: Websphere, Web Logic, Jboss, Apache

Tomcat

USER INTERFACES

INTERNAL BUSINESS USER 100% browser-based (HTML 5), 100% browser-based

(HTML with Ajax/Web 2.0)

CONFIGURATION AND DEVELOPMENT 100% browser-based (HTML 5), 100% browser-based (HTML with Ajax/Web 2.0)

DATABASES

PREFERRED OPTIONS Oracle, Microsoft SQL Server, DB2/UDB

ADDITIONAL OPTIONS Sybase, other SQL

WEB SERVICES / INTEGRATION OPTIONS

PREFERRED OPTIONS SOA/Web Services, ACORD Standard XML, other XML, MQSeries, JMS or similar queue technology

ADDITIONAL OPTIONS Flat files, Custom API

Source: Sapiens RFI

IMPLEMENTATION, PRICING, AND SUPPORT The average time to get the first line of insurance live is typically seven to twelve months depending on the integration requirements and the level of configuration required, with second and subsequent lines taking a shorter four to six months. A typical Sapiens project team is between 20 and 30 people, but can vary depending on the size of the client. For an initial ALIS implementation the project team would consist of resources from both Sapiens (70%) and the client (30%). Sapiens is willing to work with third party system integrators. In the past Sapiens has worked with IBM and Deloitte to name but a few.

The main cost in the first year comes from the initial installation and customization, which takes 70% of the cost. The remainder is split between the software license (20%) and annual maintenance (10%). Sapiens usually offers perpetual term licenses with single premium and annuity options. The license fees are in general based on premium volume,

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number of product lines to be supported, volume of total policies, and number of concurrent users or a flat fee.

The total cost can vary widely according to the capabilities and available resources of the client, and the overall scope of system use, including the number of components and lines of business. For a regional Insurance company has with 4 lines of business, producing annual premium of €250 million, the total cost including license, implementation and maintenance would be in the range of €7 million and €13 million. For an insurance holding company with 4 L/H companies writing business in 5 or more EMEA countries with a total combined DWP €2.1 billion, a larger fee between €11 million and €23 million would be charged in the first year, which includes license fees costing between €1 million to €3 million. Assuming Year 1 is mainly focused on initial implementation of ALIS, Year two cost of maintenance is typically 20% of the license fee.

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LEVERAGING CELENT’S EXPERTISE

If you found this report valuable, you might consider engaging with Celent for custom analysis and research. Our collective experience and the knowledge we gained while working on this report can help you streamline the creation, refinement, or execution of your strategies.

SUPPORT FOR FINANCIAL INSTITUTIONS Typical projects we support related to core insurance systems include:

Vendor short listing and selection. We perform discovery specific to you and your business to better understand your unique needs. We then create and administer a custom RFI to selected vendors to assist you in making rapid and accurate vendor choices.

Business practice evaluations. We spend time evaluating your business processes, particularly in policy administration. Based on our knowledge of the market, we identify potential process or technology constraints and provide clear insights that will help you implement industry best practices.

IT and business strategy creation. We collect perspectives from your executive team, your front line business and IT staff, and your customers. We then analyze your current position, institutional capabilities, and technology against your goals. If necessary, we help you reformulate your technology and business plans to address short-term and long-term needs.

SUPPORT FOR VENDORS We provide services that help you refine your product and service offerings. Examples include:

Product and service strategy evaluation. We help you assess your market position in terms of functionality, technology, and services. Our strategy workshops will help you target the right customers and map your offerings to their needs.

Market messaging and collateral review. Based on our extensive experience with your potential clients, we assess your marketing and sales materials—including your website and any collateral.

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RELATED CELENT RESEARCH

Future Trends and Predictions in Life, Pensions, and Annuities Policy Administration Systems: 2012 EMEA Edition April 2012

Life Insurers' Perception of Policy Administration System: A European Tour February 2012

Deal Trends in Life, Pensions, & Annuities Policy Administration Solutions: 2012 EMEA Edition February 2012

European Policy Administration Systems 2009: Life and Pension ABCD Vendor View September 2009

Getting the Value from Life Policy Administration Systems: The European Insurer Perspective August 2009

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Celent, a division of Oliver Wyman, Inc.

Copyright © 2013 Celent, a division of Oliver Wyman, Inc. All rights reserved. This report may not be reproduced, copied or redistributed, in whole or in part, in any form or by any means, without the written permission of Celent, a division of Oliver Wyman (“Celent”) and Celent accepts no liability whatsoever for the actions of third parties in this respect. Celent is the sole copyright owner of this report, and any use of this report by any third party is strictly prohibited without a license expressly granted by Celent. This report is not intended for general circulation, nor is it to be used, reproduced, copied, quoted or distributed by third parties for any purpose other than those that may be set forth herein without the prior written permission of Celent. Neither all nor any part of the contents of this report, or any opinions expressed herein, shall be disseminated to the public through advertising media, public relations, news media, sales media, mail, direct transmittal, or any other public means of communications, without the prior written consent of Celent. Any violation of Celent’s rights in this report will be enforced to the fullest extent of the law, including the pursuit of monetary damages and injunctive relief in the event of any breach of the foregoing restrictions.

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For more information please contact info@celent.com or:

Jamie Macgregor jmacgregor@celent.com

Nicolas Michellod nmichellod@celent.com

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Japan

The Imperial Hotel Tower, 13th Floor 1-1-1 Uchisaiwai-cho Chiyoda-ku, Tokyo 100-0011

Tel: +81.3.3500.3023 Fax: +81.3.3500.3059

USA

1166 Avenue of the Americas

New York, NY 10036

Tel.: +1.212.541.8100 Fax: +1.212.541.8957

Germany

Marstallstrasse 11

80539 Munich

Tel: +49.89.242.68.581 Fax: +49 89.939.495.21

China

Beijing Kerry Centre

South Tower, 15th Floor 1 Guanghua Road Chaoyang, Beijing 100022

Tel: +86.10.8520.0350 Fax: +86.10.8520.0349

USA

Four Embarcadero Center, Suite 1100 San Francisco, California 94111

Tel.: +1.415.743.7900 Fax: +1.415.743.7950

United Kingdom

55 Baker Street London W1U 8EW

Tel.: +44.20.7333.8333 Fax: +44.20.7333.8334

India

Level 14, Concorde Block UB City, Vittal Mallya Road Banglalore, India 560001

Tel: +91.80.40300538 Fax: +91.80.40300400