Per Gartner, "In many respects, the COVID-19 pandemic has not identified new gaps in insurance capabilities, but has accentuated issues that CIOs have been facing for years." Gartner further says, "As the COVID-19 pandemic has clearly demonstrated, business operating conditions can change dramatically overnight, and life insurance PASs and the infrastructure on which they operate must be scalable, secure and adaptable to change."
"Life insurance CIOs must assure that core insurance processes remain operationally resilient to changing conditions that a crisis brings to the forefront." Gartner continues to say, "As the “workplace” becomes virtual, application security and cyber protection become critical to ensuring the integrity of operations and the maintenance of customer trust."
"This Magic Quadrant is intended to be used by North American life insurance CIOs and enterprise architects who are considering options for modernizing their core systems. This research will help them better understand the market and how Gartner evaluates vendors in this market. They’ll be able to assess whether specific vendors’ PASs address their current needs and those of their future initiatives."
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Gartner, Critical Capabilities for Life Insurance Policy Administration Systems, North America, Richard Natale, Rajesh Narayan, 3 August 2020
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