# Best Life Insurance Policy Administration Systems - Page 3

## How Many Life Insurance Policy Administration Systems Products Does G2 Track?

**Total Products under this Category:** 43

### Category Stats (Aug 2026)

- **Average Rating:** 4.26/5 The average rating of products in this category, based on all submitted ratings

_Last updated: August 01, 2026_

## How Does G2 Rank Life Insurance Policy Administration Systems Products?

**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.

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[Visit website](https://www.g2.com/external_clickthroughs/record?secure%5Bad_program%5D=ppc&secure%5Bad_slot%5D=category_product_list_llm&secure%5Bcategory_id%5D=600&secure%5Bchosen_at%5D=2026-08-02T23%3A40%3A06Z&secure%5Bdisplayable_resource_id%5D=1961&secure%5Bdisplayable_resource_type%5D=Category&secure%5Bmedium%5D=sponsored&secure%5Bplacement_reason%5D=retargeted_product&secure%5Bplacement_resource_ids%5D%5B%5D=39063&secure%5Bprioritized%5D=false&secure%5Bproduct_id%5D=39063&secure%5Bresource_id%5D=600&secure%5Bresource_type%5D=Category&secure%5Bsource_type%5D=category_page&secure%5Bsource_url%5D=https%3A%2F%2Fwww.g2.com%2Fcategories%2Flife-insurance-policy-administration-systems%3Fpage%3D3&secure%5Btoken%5D=07a39db6f696cdd9cf12e360cfbe24cb0cf2ae2977f72cf1be723b4e552db4d8&secure%5Burl%5D=https%3A%2F%2Fwww.shapironegotiations.com&secure%5Burl_type%5D=company_website)

### [PACE](https://www.g2.com/products/pace-2021-11-11/reviews)

If you want to know how technology and capital can support each other to reshape in-force life insurance management, we would be pleased to meet with you, and offer you solutions.

#### Who Is the Company Behind PACE?

- **Seller:** [PACE](https://www.g2.com/sellers/pace-310ad844-4049-4ee6-9a6a-af8d9268dcad)
- **HQ Location:** N/A
- **LinkedIn® Page:** [www.linkedin.com](https://www.g2.com/external_clickthroughs/record?secure%5Bsource_type%5D=product_profile&secure%5Btoken%5D=10de58434bde5f0749bdefb4b9b46e8c6bdebd959dcff45902ae33c1856df686&secure%5Burl%5D=https%3A%2F%2Fwww.linkedin.com%2Fcompany%2Fpace-life%2F&secure%5Burl_type%5D=linkedin_company_website)  
1 employees on LinkedIn®

### [Proformex](https://www.g2.com/products/proformex/reviews)

Proformex tracks five key policy performance guidelines with substantial impact on policy performance and analyzes each policy against these benchmarks. Standard default values are set for each guideline using an easy to understand color code system to call out if the policy is in the desired, acceptable or undesired range for each. Guideline values can be adjusted per policy at any time.

#### Who Is the Company Behind Proformex?

- **Seller:** [Proformex](https://www.g2.com/sellers/proformex)
- **Year Founded:** 2016
- **HQ Location:** Cleveland, US
- **LinkedIn® Page:** [www.linkedin.com](https://www.g2.com/external_clickthroughs/record?secure%5Bsource_type%5D=product_profile&secure%5Btoken%5D=f25c442798eb0f85f921dc144596ff3ab7eeaec26c1cac30c7c69fccde09e86f&secure%5Burl%5D=https%3A%2F%2Fwww.linkedin.com%2Fcompany%2Fproformex-llc%2F&secure%5Burl_type%5D=linkedin_company_website)  
35 employees on LinkedIn®

### [QLAdmin](https://www.g2.com/products/qladmin/reviews)

Serving small to mid-sized life insurance companies with proven, reliable and intuitive policy administration solutions since 1988. Nearly 50 companies trust QLAdmin for expert processing of their traditional life, health and annuity business. Also offering an out-of-the-box solutions for Medicare Supplement claims auto-adjudication for all plans in every state.

#### Who Is the Company Behind QLAdmin?

- **Seller:** [QLAdmin Solutions](https://www.g2.com/sellers/qladmin-solutions)
- **Year Founded:** 1988
- **HQ Location:** Austin, US
- **Twitter:** @QLAdmin  
496 Twitter followers
- **LinkedIn® Page:** [www.linkedin.com](https://www.g2.com/external_clickthroughs/record?secure%5Bsource_type%5D=product_profile&secure%5Btoken%5D=bbdd353c5a325ac8debacd5fd91ac938a558c2d1d86afba98950170814a20ec9&secure%5Burl%5D=https%3A%2F%2Fwww.linkedin.com%2Fcompany%2Fqladmin-solutions&secure%5Burl_type%5D=linkedin_company_website)  
9 employees on LinkedIn®

### [Radience](https://www.g2.com/products/radience/reviews)

RADIENCE Administration is a state-of-the-art core policy administration system used by life and annuity insurers.

#### Who Is the Company Behind Radience?

- **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  
39,002 Twitter followers
- **LinkedIn® Page:** [www.linkedin.com](https://www.g2.com/external_clickthroughs/record?secure%5Bsource_type%5D=product_profile&secure%5Btoken%5D=609342eb80b82c98522584e9453f0e6179410156f6fe31ea3172447e411ed911&secure%5Burl%5D=https%3A%2F%2Fwww.linkedin.com%2Fcompany%2F16198010%2F&secure%5Burl_type%5D=linkedin_company_website)  
90,618 employees on LinkedIn®
- **Ownership:** NYSE: DXC

### [RiskVille](https://www.g2.com/products/riskville/reviews)

RiskVille is a flexible scalable cloud solution for insurance companies, insurance brokers, insurance agencies, and captive managers with modules like: 1) CRM 2) Rating, Quoting, Policy Management, and issuance 3) Billing and reporting 4) Claims Management 5) Document and Mail handling. Its single data storage accessible 24/7 for managing personal lines, commercial lines, or benefits. Our know-how allows us to set 3 times lower price than competitors. We can implement it for you within 3 days. Email us: info@riskville.com

#### Who Is the Company Behind RiskVille?

- **Seller:** [RiskVille](https://www.g2.com/sellers/riskville)
- **Year Founded:** 2018
- **HQ Location:** Blackrock, IE
- **LinkedIn® Page:** [www.linkedin.com](https://www.g2.com/external_clickthroughs/record?secure%5Bsource_type%5D=product_profile&secure%5Btoken%5D=2be88cd71521aabaeb486fe3bf17cc00815abc192e0b064a4a6128c9293919e7&secure%5Burl%5D=https%3A%2F%2Fwww.linkedin.com%2Fcompany%2Friskville&secure%5Burl_type%5D=linkedin_company_website)  
12 employees on LinkedIn®

### [Simfuni](https://www.g2.com/products/simfuni/reviews)

Simfuni is an AI-powered operational platform for life insurers that unifies policy servicing, billing, payments, claims, and customer workflows into a single system. Designed for insurers managing complex in-force books and legacy systems, Simfuni reduces cost-to-serve, improves retention, and strengthens compliance by bringing fragmented processes together through automated, system-driven workflows. By orchestrating policy administration, payment processing, claims management, and customer interactions in one platform, Simfuni enables insurers to scale operations without increasing overhead. Teams gain greater visibility and control across policy, billing, claims, and payments - improving consistency, reducing manual effort, and supporting more proactive decision-making. Simfuni supports a wide range of operational priorities, including the migration and servicing of closed books, enabling growth across open portfolios, expanding distribution through partners and digital channels, transforming payment experiences, launching products faster through configurable business rules and API-first integration, and unifying core operations within a single platform. The platform includes Claims Workbench, enabling operators to manage claims from notification to closure in one connected workflow. A 24/7 customer self-service portal allows policyholders to manage payments, update details, and access policy documents at any time. This reduces servicing demand, increases payment reliability, and improves the overall customer experience. To support insurers modernising from legacy systems, Simfuni's purpose-built AI migration technology reduces migration effort, surfaces data issues earlier, and prevents legacy problems from being carried into the new environment. API-first by design, Simfuni allows insurers to modernise operations without replacing core systems. This supports faster time to value, lower implementation risk, and a more flexible foundation for future growth. The result is a more efficient and responsive operation that improves efficiency, agility, retention, visibility, and control while delivering more seamless customer experiences.

#### Who Is the Company Behind Simfuni?

- **Seller:** [Simfuni](https://www.g2.com/sellers/simfuni)
- **HQ Location:** Ultimo, AU
- **LinkedIn® Page:** [www.linkedin.com](https://www.g2.com/external_clickthroughs/record?secure%5Bsource_type%5D=product_profile&secure%5Btoken%5D=0065fca5f9f329248c59eca6e862d5318d35be555787210485ce8bc3085d8dcd&secure%5Burl%5D=https%3A%2F%2Fwww.linkedin.com%2Fcompany%2Fsimfuni%2F&secure%5Burl_type%5D=linkedin_company_website)  
20 employees on LinkedIn®

### [Socotra](https://www.g2.com/products/socotra/reviews)

Serving one of the world’s largest and most technologically neglected industries, Socotra’s mission is to provide insurers with a modern, flexible, enterprise-grade core system that enables them to rapidly develop and distribute products that better serve their customers. Socotra brings unparalleled speed, flexibility, and choice to give insurers more control over their business. With Socotra’s complete insurance solutions, global insurers and insurtech MGAs can accelerate product development, reduce costs, and improve customer experiences. Socotra provides open APIs, a product-agnostic data model, and out-of-the-box capabilities to manage the entire policy lifecycle, making insurance innovation faster, easier, and more affordable. Socotra’s powerful data model and extensible API-driven architecture empowers insurers to prototype, launch, and update insurance products quickly and easily. The Socotra platform, Socotra Connected Core, is built from the ground-up using the latest technologies to be transparent, reliable, flexible, and secure. It is continuously evolving living software that keeps getting better. No customization of code is needed: Connected Core is ready out-of-the-box for product configuration and deploys with ease and speed. Socotra also provides the first cloud-native app marketplace for insurers, Socotra App Marketplace, reducing integrations from months to minutes. With Socotra App MarketPlace insurers can instantly expand their capabilities while gaining the agility needed to compete in the dynamic insurance industry.

**Average Rating:** 4.5/5.0

**Total Reviews:** 1

#### Who Is the Company Behind Socotra?

- **Seller:** [Socotra](https://www.g2.com/sellers/socotra)
- **Year Founded:** 2014
- **HQ Location:** San Francisco, California, United States
- **Twitter:** @socotratech  
247 Twitter followers
- **LinkedIn® Page:** [www.linkedin.com](https://www.g2.com/external_clickthroughs/record?secure%5Bsource_type%5D=product_profile&secure%5Btoken%5D=ec343690e1b2b214f992845e9dd7ed7b760b86f2c02a1e016d49d6ece557bbc7&secure%5Burl%5D=https%3A%2F%2Fwww.linkedin.com%2Fcompany%2Fsocotra&secure%5Burl_type%5D=linkedin_company_website)  
173 employees on LinkedIn®

#### Who Uses This Product?

- **Company Size:** 100% Large

#### What Are Recent G2 Reviews of Socotra?

**["Socotra policy admin partnership has been great"](https://www.g2.com/survey_responses/socotra-review-4552544)**

**Rating:** 4.5/5.0 stars

_— Verified User in Insurance_

[Read full review](https://www.g2.com/survey_responses/socotra-review-4552544)

#### What Are G2 Users Discussing About Socotra?

- [What is Socotra used for?](https://www.g2.com/discussions/what-is-socotra-used-for)

### [SohamLife](https://www.g2.com/products/sohamlife/reviews)

A web browser-based life insurance management system that supports end-to-end business processes of life insurance.

#### Who Is the Company Behind SohamLife?

- **Seller:** [Dream Tekis Software](https://www.g2.com/sellers/dream-tekis-software)
- **HQ Location:** N/A
- **LinkedIn® Page:** [www.linkedin.com](https://www.g2.com/external_clickthroughs/record?secure%5Bsource_type%5D=product_profile&secure%5Btoken%5D=7886df2ed926834e5eb248c77dcfa8e5c815d3ab1f0fe3132ced0dba45868834&secure%5Burl%5D=https%3A%2F%2Fwww.linkedin.com%2Fcompany%2FNo-Linkedin-Presence-Added-Intentionally-By-DataOps&secure%5Burl_type%5D=linkedin_company_website)  
1 employees on LinkedIn®

### [Solife](https://www.g2.com/products/solife/reviews)

Exhaustive life insurance solution: Streamline life insurance processes from end to end with Solife, our cutting-edge modular policy administration solution. Enable rapid product development, increase operational efficiency, and enhance customer experience.

#### Who Is the Company Behind Solife?

- **Seller:** [VERMEG](https://www.g2.com/sellers/vermeg)
- **Year Founded:** 1993
- **HQ Location:** AMSTERDAM, NL
- **Twitter:** @vermeg  
592 Twitter followers
- **LinkedIn® Page:** [www.linkedin.com](https://www.g2.com/external_clickthroughs/record?secure%5Bsource_type%5D=product_profile&secure%5Btoken%5D=4087d239c0b5eff44d7ed18f91086c080ae3037b1987a97cf27354d1a2246454&secure%5Burl%5D=https%3A%2F%2Fwww.linkedin.com%2Fcompany%2Fvermeg&secure%5Burl_type%5D=linkedin_company_website)  
2,197 employees on LinkedIn®

### [The Administrator](https://www.g2.com/products/the-administrator/reviews)

The Administrator is a comprehensive, client-oriented, 100% online, real-time new business and contract administration system.

#### Who Is the Company Behind The Administrator?

- **Seller:** [LIDP Consulting Services](https://www.g2.com/sellers/lidp-consulting-services)
- **HQ Location:** Woodridge, IL
- **LinkedIn® Page:** [www.linkedin.com](https://www.g2.com/external_clickthroughs/record?secure%5Bsource_type%5D=product_profile&secure%5Btoken%5D=7886df2ed926834e5eb248c77dcfa8e5c815d3ab1f0fe3132ced0dba45868834&secure%5Burl%5D=https%3A%2F%2Fwww.linkedin.com%2Fcompany%2FNo-Linkedin-Presence-Added-Intentionally-By-DataOps&secure%5Burl_type%5D=linkedin_company_website)  
1 employees on LinkedIn®

### [The Hokus Platform](https://www.g2.com/products/the-hokus-platform/reviews)

The Hokus Platform is a SaaS-based digital solution designed to revolutionize life insurance administration for wealth management professionals, private banks, and family offices. By centralizing and standardizing the management of life insurance contracts from multiple providers, it streamlines operations, reduces manual tasks, and enhances client satisfaction. This innovative platform addresses the complexities associated with managing diverse life insurance products, enabling financial institutions to offer a broad range of services efficiently. Key Features and Functionality: - Centralized Management: Consolidates portfolios from various life insurance providers into a single, user-friendly interface, offering comprehensive access to investment reports, transaction histories, commission logs, and contract-specific data. - Operational Efficiency: Digitizes administrative processes, including policy subscriptions, payments, and arbitrations, significantly reducing manual data entry and associated errors. - Data Standardization: Integrates and standardizes data flows from multiple insurers daily, ensuring consistency and reliability across all managed contracts. - Enhanced Security: Built on high cybersecurity standards, the platform safeguards sensitive information while maintaining strict compliance with regulatory requirements. - Scalable Architecture: Adapts to the evolving regulatory landscape, providing a flexible solution that grows with the institution's needs. Primary Value and User Solutions: The Hokus Platform addresses the challenges faced by private banks and wealth management firms in administering a diverse array of life insurance products. By automating and centralizing these processes, it reduces the time and resources spent on low-value tasks, minimizes errors, and accelerates transaction processing. This efficiency gain allows financial professionals to focus more on client engagement and service quality, thereby enhancing overall client satisfaction. Additionally, the platform's ability to manage contracts from multiple insurers in an open architecture ensures that institutions can offer a wide range of products without the operational burdens typically associated with such diversity.

#### Who Is the Company Behind The Hokus Platform?

- **Seller:** [The Hokus Platform](https://www.g2.com/sellers/the-hokus-platform)
- **Year Founded:** 2020
- **HQ Location:** Luxembourg, LU
- **LinkedIn® Page:** [www.linkedin.com](https://www.g2.com/external_clickthroughs/record?secure%5Bsource_type%5D=product_profile&secure%5Btoken%5D=a54193eace5d6fcfb2bc13e64dd93e9addc145660a6271838002aa466329d806&secure%5Burl%5D=https%3A%2F%2Fwww.linkedin.com%2Fcompany%2Fthehokusplatform&secure%5Burl_type%5D=linkedin_company_website)  
24 employees on LinkedIn®

### [VERMEG](https://www.g2.com/products/vermeg/reviews)

VERMEG is an international software group, established in 1993, that operates across several lines of B2B services: pensions & insurance, wealth & asset management, financial & security markets, and digital financial services. We develop software that is crucial for the operations of the private banking sector, consumer finance, asset management companies, central banks, insurance firms, and other financial services providers. Our software solutions cover a broad spectrum of functionalities, including insurance policy administration, asset portfolio management, regulatory reporting, collateral management, post-trade processing, low code application development, business process management, and risk management.

#### Who Is the Company Behind VERMEG?

- **Seller:** [VERMEG](https://www.g2.com/sellers/vermeg)
- **Year Founded:** 1993
- **HQ Location:** AMSTERDAM, NL
- **Twitter:** @vermeg  
592 Twitter followers
- **LinkedIn® Page:** [www.linkedin.com](https://www.g2.com/external_clickthroughs/record?secure%5Bsource_type%5D=product_profile&secure%5Btoken%5D=4087d239c0b5eff44d7ed18f91086c080ae3037b1987a97cf27354d1a2246454&secure%5Burl%5D=https%3A%2F%2Fwww.linkedin.com%2Fcompany%2Fvermeg&secure%5Burl_type%5D=linkedin_company_website)  
2,197 employees on LinkedIn®

### [Zinnia](https://www.g2.com/products/zinnia/reviews)

Introducing Zinnia. The Open Insurance experience for life and annuities. Zinnia Open Insurance is advanced data-driven technology that accelerates innovation, enables unrivaled speed-to-market, deepens relationships with policyholders, and empowers better risk-based outcomes. Open transforms the end-to-end experience to make everything faster, more transparent, and more collaborative for consumers, carriers, and advisors.Zinnia is a new tech company, but we’re not new to insurance. We’re L&A experts and technology innovators building Open Insurance to power exceptional experiences that evolve ahead of the marketplace. We’re Zinnia. And we’re Open. Join us, and experience Life, More Open.

#### Who Is the Company Behind Zinnia?

- **Seller:** [Zinnia](https://www.g2.com/sellers/zinnia)
- **HQ Location:** Atlanta, US
- **LinkedIn® Page:** [www.linkedin.com](https://www.g2.com/external_clickthroughs/record?secure%5Bsource_type%5D=product_profile&secure%5Btoken%5D=018c3e5f9c23eed694af9379b053522a87885c6d58666046ca710d0ae31019ad&secure%5Burl%5D=https%3A%2F%2Fwww.linkedin.com%2Fcompany%2Fgetzinnia&secure%5Burl_type%5D=linkedin_company_website)  
2 employees on LinkedIn®

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 ![Neya Kumaresan](/assets/transparent-ad5be28fbcd25b7b08d2cebe1d957125437fb5407d75ee717965ad22c8808791.gif "Neya Kumaresan")
NK

Researched and written by [Neya Kumaresan](https://research.g2.com/insights/author/neya-kumaresan)

Updated October 3, 2024

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

Show More

* * *

## How Do You Choose the Right Life Insurance Policy Administration Systems?

### 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.