PUBLISHER: QKS Group | PRODUCT CODE: 1445893
PUBLISHER: QKS Group | PRODUCT CODE: 1445893
Quadrant Knowledge Solutions Reveals that life insurance policy administration system Market is Projected to Register a CAGR of 8.2% by 2027.
Organizations are enhancing their overall offering in the life insurance and annuity market to launch products that are not only customer-centric but also comply with the continuously changing regulations and interest rates. As compared to the previous decade, the life insurance and annuity industry is going through immense functional changes to modernize the system. A life insurance policy administration system refers to a software platform designed to provide end-to-end policy lifecycle management capabilities, including billing, underwriting and claims processing of life and annuities products for individual and group benefits. The system typically includes modules for policy issuance, underwriting, claims processing, customer services and other related functions. Life Insurance policy administration system streamlines insurance operations, improves efficiency, and enhances customer services by enabling insurers to reduce manual errors, provides quicker and accurate services to customers.