Product Description

The Life and Annuity Policy administration software Feature List document is a detailed, pre-built feature matrix for life and annuity insurance policy administration software platforms. Delivered in an editable Word format, it outlines key capabilities across product design, underwriting, policy servicing, billing, investment management, actuarial analysis, compliance, analytics, and customer engagement. It serves as a practical tool to document requirements, prepare RFPs, evaluate vendor platforms, and benchmark internal systems, helping insurers plan or assess their policy administration technology initiatives.

This document provides a comprehensive feature list for life and annuity insurance policy administration platforms, developed as a practical and customizable resource for insurers, IT teams, business analysts, consultants, and project leaders. As life and annuity insurers adapt to regulatory changes, evolving customer expectations, diverse product offerings, and increased competition, modernizing core policy administration systems has become essential. However, clearly defining what such a platform should deliver — across product configuration, underwriting, policy servicing, investment management, actuarial analysis, and customer engagement — is a complex undertaking.

Today’s policy administration systems go far beyond traditional record-keeping. They must support dynamic product design and management, enabling insurers to rapidly introduce new life and annuity products, integrate mortality and morbidity tables, deploy flexible pricing models, and comply with evolving regulatory standards. Tools for underwriting — including automated decisioning rules, medical record integrations, and risk assessment workbenches — ensure that products are priced accurately and issued efficiently.

At the heart of these systems is policy issuance and servicing, encompassing everything from automated policy document generation and electronic delivery to managing endorsements, beneficiary changes, premium adjustments, and full integration with billing systems. Efficient claims administration capabilities are equally critical, allowing seamless coordination of claims settlement, benefit disbursement, and automated claims workflows that tie back to core policy data.

For insurers managing investment-linked products and variable annuities, robust investment management features are vital. These include performance monitoring, risk-based allocation, automated rebalancing, and transparent investment reporting aligned with regulatory standards. Embedded actuarial tools provide support for mortality and morbidity modeling, reserve calculations, scenario analysis, and predictive data-driven insights, helping insurers maintain solvency and refine product strategies.

The feature list also emphasizes the importance of account management and servicing capabilities that improve both operational efficiency and customer satisfaction. This includes secure customer portals for policy access, online payments, and claims tracking; automated renewals and statements; multi-channel communications; and agent/broker portals with tools for commission tracking and performance reporting.

In addition, the document highlights advanced technology integrations, covering AI-driven underwriting, fraud detection, robotic process automation (RPA), mobile access with biometric security, and open API architectures that facilitate interoperability with CRMs, claims systems, reinsurance platforms, and healthcare data sources. All of this sits atop secure, scalable, modular platforms designed to adapt to business growth and future technological shifts.

Structured across these detailed functional areas, this document acts as a pre-built, editable feature list that organizations can tailor to their own business models, regulatory jurisdictions, and transformation goals. It serves as a springboard for gathering internal requirements, drafting RFPs, guiding vendor demonstrations, or benchmarking current systems against a comprehensive view of modern capabilities. By consolidating hundreds of critical requirements into one resource, this feature list helps ensure that no key functionality is overlooked — reducing risk, aligning cross-functional teams, and supporting informed decision-making in selecting or enhancing life and annuity policy administration platforms.

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