# Best Life Insurance Policy Administration Systems

  *By [Neya Kumaresan](https://research.g2.com/insights/author/neya-kumaresan)*

   Life insurance policy administration software helps insurers manage life and annuity insurance policies. Life insurance policy administration systems allow insurers to develop and administer new life, annuity, pension, and health insurance products for clients. Using these systems, organizations can design new policies, calculate policy costs, and maintain a record of policies issued to clients. Some systems offer libraries of prebuilt insurance product features that reduce time to market. Life insurance policy administration systems are commonly used by enterprise insurance organizations to manage existing policies and develop new insurance products. These systems can improve policy flexibility and administration. Life insurance policy administration systems can be implemented either as a standalone solution or as part of an integrated [insurance suite](https://www.g2.com/categories/insurance-suites).

To qualify for inclusion in the Life Insurance Policy Administration category, a product must:

- Facilitate the definition, testing, and distribution of new life insurance products
- Facilitate management of client life, annuity, pension, and health policies




  
## Category Overview

**Total Products under this Category:** 43

  
## Trust & Credibility Stats

**Why You Can Trust G2's Software Rankings:**

- 30 Analysts and Data Experts
- 100+ Authentic Reviews
- 43+ Products
- Unbiased Rankings

G2's software rankings are built on verified user reviews, rigorous moderation, and a consistent research methodology maintained by a team of analysts and data experts. Each product is measured using the same transparent criteria, with no paid placement or vendor influence. While reviews reflect real user experiences, which can be subjective, they offer valuable insight into how software performs in the hands of professionals. Together, these inputs power the G2 Score, a standardized way to compare tools within every category.

  
## Best Life Insurance Policy Administration Systems At A Glance

- **Best Free Software:** [AgencySmart](https://www.g2.com/products/agencysmart/reviews)

  
  ## Top-Rated Products (Ranked by G2 Score)
### 1. [Ingenium](https://www.g2.com/products/ingenium/reviews)
  INGENIUM is a core life, annuity and disability policy administration system.


  **Average Rating:** 4.2/5.0
  **Total Reviews:** 11


**Seller Details:**

- **Seller:** [DXC Technology Company](https://www.g2.com/sellers/dxc-technology-company-8b67eef5-86f9-493f-b238-590be3799d91)
- **Year Founded:** 2017
- **HQ Location:** Ashburn, Virginia
- **Twitter:** @DXCTechnology (39,061 Twitter followers)
- **LinkedIn® Page:** https://www.linkedin.com/company/16198010/ (90,179 employees on LinkedIn®)
- **Ownership:** NYSE: DXC

**Reviewer Demographics:**
  - **Top Industries:** Insurance
  - **Company Size:** 62% Enterprise, 31% Mid-Market


### 2. [Oracle Insurance Policy Administration for Life and Annuity](https://www.g2.com/products/oracle-insurance-policy-administration-for-life-and-annuity/reviews)
  Oracle Insurance provides adaptive, rules-driven systems that let insurance companies easily change business processes as their business needs change.


  **Average Rating:** 3.9/5.0
  **Total Reviews:** 10


**Seller Details:**

- **Seller:** [Oracle](https://www.g2.com/sellers/oracle)
- **Year Founded:** 1977
- **HQ Location:** Austin, TX
- **Twitter:** @Oracle (827,981 Twitter followers)
- **LinkedIn® Page:** https://www.linkedin.com/company/1028/ (199,301 employees on LinkedIn®)
- **Ownership:** NYSE:ORCL

**Reviewer Demographics:**
  - **Top Industries:** Insurance
  - **Company Size:** 80% Enterprise, 20% Small-Business


### 3. [LIFEfit](https://www.g2.com/products/lifefit/reviews)
  Flexible, web-based life & pensions administration for the full range of individual and group products, from pre-sales to claim.


  **Average Rating:** 4.4/5.0
  **Total Reviews:** 7


**Seller Details:**

- **Seller:** [FIT](https://www.g2.com/sellers/fit)
- **HQ Location:** N/A
- **LinkedIn® Page:** https://www.linkedin.com/company/No-Linkedin-Presence-Added-Intentionally-By-DataOps (1 employees on LinkedIn®)

**Reviewer Demographics:**
  - **Company Size:** 57% Mid-Market, 43% Small-Business


### 4. [AgencySmart](https://www.g2.com/products/agencysmart/reviews)
  AgencySmart is an “all-in-one” cloud-based solution designed for general agents and retail brokers who sell employee benefits, insurance products, financial services and other industry related products (payroll, HR and consulting) to the commercial and individual marketplace. From data management to on-boarding and benefit enrollment, AgencySmart solves the problem of using multiple systems to manage your business. AgencySmart saves time, reduces labor cost and adds efficiencies that can make your agency more profitable. CONTACT OR SCHEDULE A DEMONSTRATION HERE --\> https://agencysmart.com/schedule-a-demonstration/


  **Average Rating:** 4.8/5.0
  **Total Reviews:** 38


**Seller Details:**

- **Seller:** [AgencySmart](https://www.g2.com/sellers/agencysmart)
- **Year Founded:** 2002
- **HQ Location:** Fairfield, New Jersey
- **Twitter:** @AgencySmartLLC (12 Twitter followers)
- **LinkedIn® Page:** https://www.linkedin.com/company/11153962/ (7 employees on LinkedIn®)

**Reviewer Demographics:**
  - **Top Industries:** Insurance
  - **Company Size:** 95% Small-Business, 3% Mid-Market


#### Pros & Cons

**Pros:**

- Ease of Use (3 reviews)
- Training Support (2 reviews)
- Activities Management (1 reviews)
- Navigation Ease (1 reviews)
- Simple (1 reviews)

**Cons:**

- Data Entry Issues (2 reviews)
- Manual Editing Difficulty (1 reviews)

### 5. [LexisNexis Life Insurance Solutions](https://www.g2.com/products/lexisnexis-life-insurance-solutions/reviews)
  Life insurance solutions from LexisNexis can help you make insightful decisions throughout the policy lifecycle.


  **Average Rating:** 4.1/5.0
  **Total Reviews:** 5


**Seller Details:**

- **Seller:** [LexisNexis](https://www.g2.com/sellers/lexisnexis)
- **Year Founded:** 1970
- **HQ Location:** New York
- **Twitter:** @NexisSolutions (1,260 Twitter followers)
- **LinkedIn® Page:** https://www.linkedin.com/company/lexisnexis/ (9,642 employees on LinkedIn®)

**Reviewer Demographics:**
  - **Company Size:** 50% Enterprise, 33% Small-Business


### 6. [Life Office](https://www.g2.com/products/life-office/reviews)
  Life Office enables life insurance and pension companies to automate the creation, maintenance and processing of policies.


  **Average Rating:** 4.5/5.0
  **Total Reviews:** 4


**Seller Details:**

- **Seller:** [Elips](https://www.g2.com/sellers/elips)
- **HQ Location:** Belgium
- **LinkedIn® Page:** https://www.linkedin.com/company/elips/ (17 employees on LinkedIn®)

**Reviewer Demographics:**
  - **Company Size:** 50% Small-Business, 25% Enterprise


### 7. [Instanda](https://www.g2.com/products/instanda/reviews)
  INSTANDA is a quick, easy and affordable package for brokers and insurers to design and distribute insurance products online. This fully hosted and completely managed toolkit lets you reach customers through your own online sales channel – as soon as your product is ready.


  **Average Rating:** 4.5/5.0
  **Total Reviews:** 4


**Seller Details:**

- **Seller:** [Instanda](https://www.g2.com/sellers/instanda)
- **Year Founded:** 2012
- **HQ Location:** City of London, GB
- **LinkedIn® Page:** https://www.linkedin.com/company/instanda (251 employees on LinkedIn®)

**Reviewer Demographics:**
  - **Company Size:** 50% Mid-Market, 25% Enterprise


### 8. [yulife](https://www.g2.com/products/yulife/reviews)
  Recognised as one of the UK's fastest-growing tech companies, YuLife is an innovative insurance benefit dedicated to helping companies transform traditional insurance into a proactive tool for employee wellbeing. The YuLife app combines wellbeing benefits, rewards, and group insurance (including Health, Life, and Income Protection) into one easy-to-use platform, empowering companies and employees to prioritise everyday wellbeing, foster a high-performance culture, and drive sustained health and productivity.


  **Average Rating:** 4.8/5.0
  **Total Reviews:** 10


**Seller Details:**

- **Seller:** [yulife](https://www.g2.com/sellers/yulife)
- **Year Founded:** 2016
- **HQ Location:** London, GB
- **Twitter:** @yulife (1,420 Twitter followers)
- **LinkedIn® Page:** https://www.linkedin.com/company/yulife/ (228 employees on LinkedIn®)

**Reviewer Demographics:**
  - **Company Size:** 30% Mid-Market, 20% Small-Business


#### Pros & Cons

**Pros:**

- Motivation (6 reviews)
- Ease of Use (4 reviews)
- Easy Setup (4 reviews)
- Appreciation (3 reviews)
- Customer Support (3 reviews)

**Cons:**

- Limited Options (2 reviews)
- Not User-Friendly (2 reviews)
- App Crashes (1 reviews)
- Content Limitations (1 reviews)
- Expensive (1 reviews)

### 9. [CyberLife](https://www.g2.com/products/cyberlife/reviews)
  CyberLife is a Web-enabled, n-tiered system that provides cost-effective administration of life and annuity products.


  **Average Rating:** 3.8/5.0
  **Total Reviews:** 2


**Seller Details:**

- **Seller:** [DXC Technology Company](https://www.g2.com/sellers/dxc-technology-company-8b67eef5-86f9-493f-b238-590be3799d91)
- **Year Founded:** 2017
- **HQ Location:** Ashburn, Virginia
- **Twitter:** @DXCTechnology (39,061 Twitter followers)
- **LinkedIn® Page:** https://www.linkedin.com/company/16198010/ (90,179 employees on LinkedIn®)
- **Ownership:** NYSE: DXC

**Reviewer Demographics:**
  - **Company Size:** 100% Enterprise


### 10. [illumifin](https://www.g2.com/products/illumifin/reviews)
  GIAS is built on the foundation of proven robust processing components.


  **Average Rating:** 4.0/5.0
  **Total Reviews:** 2


**Seller Details:**

- **Seller:** [illumifin](https://www.g2.com/sellers/illumifin)
- **HQ Location:** Woodbury, US
- **LinkedIn® Page:** https://www.linkedin.com/company/illumifin (1,862 employees on LinkedIn®)

**Reviewer Demographics:**
  - **Company Size:** 50% Mid-Market, 50% Small-Business


### 11. [LifePRO](https://www.g2.com/products/lifepro/reviews)
  EXLs LifePRO administrative solution was developed specifically to take advantage of client server technology,


  **Average Rating:** 3.8/5.0
  **Total Reviews:** 2


**Seller Details:**

- **Seller:** [EXL](https://www.g2.com/sellers/exl)
- **Year Founded:** 1999
- **HQ Location:** New York, New York, United States
- **Twitter:** @exl_service (3,842 Twitter followers)
- **LinkedIn® Page:** https://www.linkedin.com/company/exl-service (38,220 employees on LinkedIn®)
- **Ownership:** NASDAQ: EXLS

**Reviewer Demographics:**
  - **Company Size:** 100% Enterprise


### 12. [INSIS Life](https://www.g2.com/products/insis-life/reviews)
  INSIS fully supports individual and group life products, unit-linked products, commercial and personal non-life lines of business, health products.


  **Average Rating:** 3.0/5.0
  **Total Reviews:** 1


**Seller Details:**

- **Seller:** [Fadata](https://www.g2.com/sellers/fadata)
- **Year Founded:** 1990
- **HQ Location:** Munich, DE
- **LinkedIn® Page:** https://www.linkedin.com/company/fadata-group (295 employees on LinkedIn®)

**Reviewer Demographics:**
  - **Company Size:** 100% Small-Business


### 13. [Majesco Policy for L&A and Group](https://www.g2.com/products/majesco-policy-for-l-a-and-group/reviews)
  Majesco Policy for L&A and Group provides these essential business capabilities, while giving insurers the power, flexibility and speed they need to create profitable growth.


  **Average Rating:** 5.0/5.0
  **Total Reviews:** 1


**Seller Details:**

- **Seller:** [Majesco](https://www.g2.com/sellers/majesco)
- **Year Founded:** 1982
- **HQ Location:** Morristown, NJ
- **Twitter:** @Majesco_Inc (2,274 Twitter followers)
- **LinkedIn® Page:** https://www.linkedin.com/company/majesco (2,455 employees on LinkedIn®)
- **Ownership:** NSE: MAJESCO

**Reviewer Demographics:**
  - **Company Size:** 100% Mid-Market


### 14. [VPAS Life](https://www.g2.com/products/vpas-life/reviews)
  VPAS Life enables online access to information about your life insurance products.


  **Average Rating:** 5.0/5.0
  **Total Reviews:** 1


**Seller Details:**

- **Seller:** [Infosys](https://www.g2.com/sellers/infosys)
- **Year Founded:** 1981
- **HQ Location:** Bangalore, Karnataka
- **Twitter:** @Infosys (518,318 Twitter followers)
- **LinkedIn® Page:** https://www.linkedin.com/company/infosys (370,564 employees on LinkedIn®)
- **Ownership:** NSE

**Reviewer Demographics:**
  - **Company Size:** 100% Enterprise


### 15. [AdInsure](https://www.g2.com/products/adinsure/reviews)
  AdInsure is a line-of-business agnostic insurance platform that helps insurers adapt to industry changes. It enables Adacta, partners, and insurers’ IT teams to build tailored solutions across the insurance value chain—from product design and sales to claims and reinsurance. AdInsure supports all insurance teams with smarter workflows, faster go-to-market, modern CX, and seamless integration with emerging technologies and partners. Built around industry best practices, it powers award-winning solutions: • AdInsure Non-life • AdInsure Life • AdInsure Commercial • AdInsure for Brokers Features for business teams: • AdInsure PAS • AdInsure Claims • Billing & Collections • Digital tools (agent portals) • Integrated Analytics IT and operations benefit from: • No-/Low-code architecture • Out-of-the-box APIs • AdInsure Studio (for product design & testing) • Cloud support




**Seller Details:**

- **Seller:** [Adacta](https://www.g2.com/sellers/adacta)
- **HQ Location:** Ljubljana, SI
- **LinkedIn® Page:** https://www.linkedin.com/company/adacta-fintech (224 employees on LinkedIn®)



### 16. [AGEman Office](https://www.g2.com/products/ageman-office/reviews)
  Life insurance agency back office system for new business, inforce, commission and agent compliance. Meets ACORD and CITS standards




**Seller Details:**

- **Seller:** [AGEman Solutions](https://www.g2.com/sellers/ageman-solutions)
- **HQ Location:** N/A
- **LinkedIn® Page:** https://www.linkedin.com/company/No-Linkedin-Presence-Added-Intentionally-By-DataOps (1 employees on LinkedIn®)



### 17. [Andesa Policy Administration System](https://www.g2.com/products/andesa-policy-administration-system/reviews)
  Our Policy Administration software is hosted in a secure, private cloud environment. We take a transaction-based approach to product configuration, policy issuance, and policy lifecycle events, including financial and non-financial processing. Leading carriers use the system to support open and closed blocks of individual and group products. Term life Whole life Universal life (fixed and indexed) Variable Universal Life Structured Settlements Private Placement (VUL and Annuities) Immediate and deferred annuities (fixed, indexed, and variable) Settlement annuities First- and second-to-die




**Seller Details:**

- **Seller:** [Andesa Services](https://www.g2.com/sellers/andesa-services)
- **Year Founded:** 1983
- **HQ Location:** Allentown, Pennsylvania, United States
- **Twitter:** @AndesaServices (504 Twitter followers)
- **LinkedIn® Page:** https://www.linkedin.com/company/andesaservices (185 employees on LinkedIn®)

**Reviewer Demographics:**
  - **Company Size:** 100% Small-Business


### 18. [Aquila](https://www.g2.com/products/aquila/reviews)
  Aquila is part of aquilaheywood, life and pensions administration software solutions.




**Seller Details:**

- **Seller:** [Aquila](https://www.g2.com/sellers/aquila)
- **Year Founded:** 1975
- **HQ Location:** Altrincham, GB
- **LinkedIn® Page:** http://www.linkedin.com/company/aquilaheywood (217 employees on LinkedIn®)



### 19. [Aquila Altair](https://www.g2.com/products/aquila-altair/reviews)
  The Administrator™ platform is a powerful back-office engine with integrated digital solutions that drives your whole policy administration operation from case management and servicing to product configuration, reporting and member communications.




**Seller Details:**

- **Seller:** [Aquila](https://www.g2.com/sellers/aquila)
- **Year Founded:** 1975
- **HQ Location:** Altrincham, GB
- **LinkedIn® Page:** http://www.linkedin.com/company/aquilaheywood (217 employees on LinkedIn®)



### 20. [Atidot](https://www.g2.com/products/atidot/reviews)
  Life insurance platform for all your in-force needs and decision making.




**Seller Details:**

- **Seller:** [Atidot](https://www.g2.com/sellers/atidot)
- **Year Founded:** 2016
- **HQ Location:** Palo Alto, US
- **Twitter:** @AtidotIsrael (412 Twitter followers)
- **LinkedIn® Page:** https://www.linkedin.com/company/atidot/ (20 employees on LinkedIn®)



### 21. [Axelerator Life Systems. From needs analysis to reinsurance](https://www.g2.com/products/axelerator-life-systems-from-needs-analysis-to-reinsurance/reviews)
  Axelerator Policy Admin is a customer centric, smart, real time, highly configurable, web-enabled, rule-based technology that supports the full lifecycle of a policy including Pre-assessment, Needs Analysis, Quote/Proposal, Calculation engine, Application, Personal Statement, Underwriting Workbench, Mid-term changes, Renewal, Lapse and Cancellation. It uses the same code as all of our other products and integrates with Axelerator Claims using the same database and code. Axelerator is designed to integrate to other systems if required for some of this processing, such as rating engines, underwriting rules engines and document management systems. Axelerator supports the generation and posting of all accounting transactions and reinsurance bordereau. Axelerator’s architecture is different to other life insurance systems as it has at the core, a powerful rules engine that drives the entire system including applying business logic, generation the user interface, applying data validation, integration, organising the process flow and performing calculations. Axelerator will give your organisation a major advantage in the market, providing an automated solution to replace the current, time consuming, costly highly fragmented systems and manual processes. Axelerator can also integrate with your existing strategic systems for pricing, underwriting, channel distribution finance and reporting and analytics. All the features and integration services needed are already in use by Axe clients in the insurance industry.




**Seller Details:**

- **Seller:** [Axe Group](https://www.g2.com/sellers/axe-group)
- **Year Founded:** 1997
- **HQ Location:** Sydney, AU
- **Twitter:** @axegroup (617 Twitter followers)
- **LinkedIn® Page:** https://www.linkedin.com/company/25231 (169 employees on LinkedIn®)



### 22. [Generix Finansys](https://www.g2.com/products/generix-finansys/reviews)
  The Generix Finansys system is an end to end management platform for an asset manager that manages Provident funds, Pension funds, study funds and other financial products that are heavy on regulation, internal process and are aimed at the long and midterm savings product.




**Seller Details:**

- **Seller:** [Generix Finansys](https://www.g2.com/sellers/generix-finansys)
- **HQ Location:** N/A
- **LinkedIn® Page:** https://www.linkedin.com/company/No-Linkedin-Presence-Added-Intentionally-By-DataOps (1 employees on LinkedIn®)



### 23. [Haven Technologies](https://www.g2.com/products/haven-technologies/reviews)
  Haven Technologies Asia is a SaaS solution provider, offering an end-to-end, front-to-back insurance technology platform.




**Seller Details:**

- **Seller:** [Haven Technologies](https://www.g2.com/sellers/haven-technologies)
- **HQ Location:** N/A
- **LinkedIn® Page:** https://www.linkedin.com/company/No-Linkedin-Presence-Added-Intentionally-By-DataOps (1 employees on LinkedIn®)



### 24. [InsureEdge](https://www.g2.com/products/insureedge/reviews)
  InsureEdge is an all-in-one insurance software for policy administration and claims management that helps Insurers deliver a connected, relevant, and seamless experience to policyholders while empowering their employees, agents, and partners to do what they do best with more efficiency and at lower operational cost. It orchestrates a customizable and unified platform that eliminates the need for disparate IT systems, thus generating operational efficiency, and cost savings. Several leading insurance companies use InsureEdge across multiple lines of businesses, including P&C Insurance, Life Insurance, and General Insurance, to streamline their customer onboarding, policy management, claim management, document management, customer relationship management and payment processing.


  **Average Rating:** 4.5/5.0
  **Total Reviews:** 4


**Seller Details:**

- **Seller:** [Damco Solutions](https://www.g2.com/sellers/damco-solutions)
- **Year Founded:** 1996
- **HQ Location:** Plainsboro, New Jersey
- **Twitter:** @damcosol (2,485 Twitter followers)
- **LinkedIn® Page:** https://www.linkedin.com/company/damco-solutions/ (1,186 employees on LinkedIn®)

**Reviewer Demographics:**
  - **Company Size:** 50% Enterprise, 25% Mid-Market


### 25. [LeanApps Life](https://www.g2.com/products/leanapps-life/reviews)
  Web-based software for the complete management and administration of policies for Life insurance companies and pension funds.




**Seller Details:**

- **Seller:** [LeanApps](https://www.g2.com/sellers/leanapps)
- **Year Founded:** 2014
- **HQ Location:** Berlin, DE
- **LinkedIn® Page:** https://www.linkedin.com/company/2586118 (29 employees on LinkedIn®)




  
## Parent Category

[Insurance Software](https://www.g2.com/categories/insurance)



  
---

## Buyer Guide

### What You Should Know About Life Insurance Policy Administration Systems

### What are Life Insurance Policy Administration Systems?

Life insurance policy administration systems, sometimes referred to as policy administration systems (PAS), manage the entire life insurance life cycle for insurance professionals. Life insurance policy administration solutions are a type of insurance software with features to handle everything from creating new products to issuing policies and handling claims related to an insurance company’s policies. These tools provide insurers with the means to digitize their policy creation and issuance, streamlining their businesses and making customer interactions easier. Life insurance policy administration systems aid in the digital transformation of insurance agencies, reducing the cost and difficulties associated with creating, issuing, and managing life insurance policies and the annuities the provider will have to pay out. 

For example, a smaller insurer is looking for ways to introduce more efficiency into their business and fuel their product-related decision making with data. That insurer could implement a life insurance policy administration system to have a consolidated, organized view across multiple business units and drive improved outcomes.

### What are the Common Features of Life Insurance Policy Administration Systems?

The following are some core features within life insurance policy administration systems that can help users with:

**Underwriting:** Most tools either provide native underwriting functionality or support the underwriting function by fueling it with real-time policy data. Underwriting capabilities make life insurance policy administration systems more comprehensive and enhance the amount of automation in a given company. 

**Rules-based calculation engine:** Using rules input from the insurer, this feature helps to standardize insurance-product-related calculations across the business. These are configurable, allowing users to manipulate inputs, change information related to potential policy changes and policyholder behavior to see possible business outcomes, and plan insurance company decisions. 

**Claims processing:** Processes claims related to life insurance policies managed by the life insurance policy administration system. The claims features a system provides are key to preventing fraud and unnecessary payouts on annuities. 

**Web portal:** Provides a web portal through which potential customers and policyholders can submit policy applications and documents related to claims and policies. Web portals allow insurers to shift to a more self-service model and empower their customers while introducing operational efficiency along the way. 

**Product templates:** Contains reusable templates for insurers to create new products and alter existing product lines. This feature is particularly useful for companies that want to quickly and easily adapt to shifting consumer needs and offer them products in line with those needs. 

**Analytics:** Analyzes policy-related data for different lines of business to aid in risk management across the policy lifecycle, including renewals. Analytics tools help streamline business processes across the insurance industry while meeting regulatory standards. 

### What are the Benefits of Life Insurance Policy Administration Systems?

There are numerous benefits to using life insurance policy administration systems; a few of them are mentioned below: 

**Data-driven decision making:** Data is the fuel on which the insurance industry runs. The easier access to real-time data an insurance provider has, the better decisions they can make for their business and their customers. Life insurance policy administration systems provide single-pane access to real-time policy information across an organization’s customer base, allowing users to use that data to generate new business strategies and manage existing product lines. 

**Streamlined product release process:** Product configuration features and configurable workflows reduce the time to market for new products and product configurations. Life insurance policy administration tools make organizations more nimble, able to engage in faster product development, roll out new product lines, and alter existing ones while adjusting to market conditions and demands in real time. 

**Improved customer experience:** Customer portals included in these solutions drive more efficiency related to account applications and onboarding workflow. As more businesses empower their customers with an increasingly self-serve model, life insurance policy administration tools are a way for insurers to do the same. 

### Who Uses Life Insurance Policy Administration Systems?

**Insurance brokers:** Insurance companies, typically large insurance ones, and their brokers are the primary users of life insurance policy administration systems. These companies use these tools to streamline their processes and become more efficient, effective organizations. 

**Policyholders:** Insurance policyholders, or insurance customers, may use insurance policy administration tools to update account information, request policy changes, apply for new policies, and generally interact with their insurers in a more self-service way. 

#### Software Related to Life Insurance Policy Administration Systems

Related solutions that can be used together with life insurance policy administration systems include:

[Insurance agency management software](https://www.g2.com/categories/insurance-agency-management) **:** Insurance agency management software may integrate with life insurance policy administration systems to provide a seamless transition from prospect to customer and policyholder. 

[Insurance claims management software](https://www.g2.com/categories/insurance-claims-management) **:** Life insurance policy administration systems often include, or will integrate with, insurance claims management tools to help provide an integrated stack of symbiotic solutions. 

### Challenges with Life Insurance Policy Administration Systems

Software solutions can come with their own set of challenges. 

**Data security:** Life insurance policy administration tools contain a lot of sensitive customer data. With many customers and users comes a larger attackable surface, which means more risk and more reason for insurance providers to properly vet their insurance software providers in adherence to business rules. Prospective buyers should vet potential vendors thoroughly to assess their security standards and determine whether or not they meet those which have been internally set. 

**Interoperability:** Ensuring a product will integrate or communicate well with existing solutions across the organization’s technology stack, particularly with its core systems, is vital to its successful implementation and use. During the buying process, prospective customers should ask questions related to existing integrations and ones on the roadmap. An isolated solution is typically an inefficient and ineffective one in the context of a business with dozens of pieces of software, so interoperability is key to selecting the right new solution. 

### How to Buy Life Insurance Policy Administration Systems

#### Requirements Gathering (RFI/RFP) for Life Insurance Policy Administration Systems

Prospective buyers should choose a selection team before putting together their list of requirements. That list should consider the organization’s existing tech stack, including products with which the life insurance policy administration system will need to integrate. RFPs should be realistic about cost, but they should be designed with the understanding that aspects like demonstrated ROI and high user adoption are far more important than the sticker price. 

#### Compare Life Insurance Policy Administration Systems Products

**Create a long list**

The long list should comprise all products which meet the initial list of core requirements. Buyers should try to limit the number of products to a list short enough that every product can get a fair evaluation while narrowing the long list down to a short list. 

**Create a short list**

The short list should include products that include wishlist features but ones that will pass the test of implementation and adoption. The short list should be a time to dive into the proven ROI of the product seen at other, like-sized companies.

**Conduct demos**

The demo process should be comprehensive. The selection team should ask questions specific to their business, diving into how the product would handle different configurations and potential product lines that are on the roadmap. 

#### Selection of Life Insurance Policy Administration Systems

**Choose a selection team**

The selection team should include actual users of the software as well as security stakeholders and IT professionals with a good understanding of how the solution will fit into the existing systems in place. 

**Final decision**

The decision should be based on a consensus among a small group of key stakeholders. Because insurance companies are often divided along product-type lines, the life insurance portion of the company, the actual users of the software, should have a significant voice during the decision-making process.