Life and Annuity Policy Administration Software Feature List
A pre-built feature checklist for life and annuity policy administration systems — product configuration, issue, servicing, values, payout, claims — in editable Word for RFPs and vendor evaluation.
About This Feature Matrix
Buying a System That Has to Outlive the Contracts On It
Life and Annuity Policy Administration Software Feature List is a pre-built checklist of the capabilities a life and annuity administration platform should be assessed against — product configuration, issue, in-force servicing, value calculation, payout, claims — in an editable Word document you can take straight into an RFP.
Life administration has a requirement no other insurance system carries: it has to run contracts written decades ago under rules that no longer apply to anything sold today, while also supporting whatever the product team launches next quarter. Every carrier discovers eventually that the second requirement is easy and the first one is why the legacy system is still running.
That makes the important questions unusual. Not "can it do this" but "can it do this and the 1987 version of this at the same time" — which is exactly the question a demo of a modern product configuration screen is designed not to raise.
What This Checklist Is Actually For
Three jobs, all easier with a list you did not write against a selection deadline.
Writing the RFP. A structured feature list is most of the functional section, and it arrives complete rather than accumulating through clarification rounds.
Scoring vendors comparably. The same question to every vendor is the only condition under which their answers can be compared.
Scoping a conversion. On a life platform, the feature list and the conversion scope are closely related. Knowing what the target must support is where conversion planning starts.
Where Life Administration Platforms Actually Differ
Three questions worth more than most of the feature grid.
Legacy Product Support Is the Real Test
Can the platform administer closed blocks with obsolete features, non-standard values and hand-built rules? This determines whether you migrate everything or run two systems for a decade.
Value Calculation Transparency
Cash value, account value, surrender charge and non-forfeiture calculations have to be auditable and adjustable. Where the calculation engine is opaque, every actuarial question becomes a vendor ticket.
Self-Service Depth for In-Force Servicing
Beneficiary changes, address updates, loans and withdrawals are the volume. Whether they complete without a form and a person is where servicing cost is actually decided.
The core deliverablesWhat Is Included
One file:
Who This Is Built For
This is a functional checklist. It does not name or rank vendors, and it is not a market report.
How to Put It to Work
- Mark each line as required, preferred or out of scope before any vendor sees it.
- Bring your most awkward closed-block product to the demo, not your newest one.
- Ask how a value calculation is audited and changed, not whether it is supported.
- Keep your annotated copy as the requirements baseline for conversion planning.
Where Carriers Typically Start
Building the functional section of an RFP. Start from a complete list rather than assembling one from vendor material.
Deciding one platform or two. Score legacy block support explicitly, because that answer determines the whole program shape.
Scoping a conversion. Use the annotated list as the definition of what the target has to support on day one.
What You Are Actually Buying Is Time
Assembling this internally means weeks of analyst, administration and actuarial time, usually while a selection timeline is already running.
- You edit rather than originate. The checklist is drafted; your effort goes to your product set, your closed blocks, and your distribution model.
- It is written before the demos. A list built after vendor meetings inherits their vocabulary. This one does not.
- It survives the selection. The annotated copy becomes the requirements baseline for conversion.
Analyst, administration and actuarial time, competing with live case work.
A selection advisory engagement producing a comparable requirements list.
Immediate download. Editable Word. Annotate it before your first vendor call.
Those first two columns describe what comparable efforts tend to involve, not a quoted benchmark — your figures depend on scope and who does the work.
Built From Real Engagements
We are software entrepreneurs and business consultants who have delivered business architecture and transformation work across financial services firms. This checklist is the distilled, reusable output of that work rather than a theoretical exercise — which is also why it carries the limits described below.
Read before you buyAn Honest Note on Fit
This is a generic checklist designed as a starting point. Customization is expected, not a sign that something went wrong.
Specifically:
Terms You Should Know Before Purchasing
Read the description above in full before you buy. Delivery is immediate and the files are yours to keep, which is also why we cannot take returns, issue refunds, or swap a purchase for a different product once it has been downloaded. What you receive is what is listed — no warranty beyond that, and no bundled customization, implementation help, or support. A Enterprise License covers everyone inside one organization; if you intend to reuse the material across several clients, the Consultancy License is the one you need. The full digital product terms govern the sale.
What's Included
At a Glance
- Life and annuity policy administration checklist (Word, editable)
- Built for RFPs, vendor scoring and requirements documentation
- Organized by administration function, not by vendor marketing
Enterprise License
Consultancy License
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What is the difference between the Enterprise and Consultancy licenses?
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How much customization should I expect to do?
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Is implementation help or support included?
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Can I share the files with colleagues or clients?
Colleagues within your organization, yes, under the Enterprise License. Clients, no — that requires a Consultancy License. Redistribution, resale, or publishing the material publicly is not permitted under either license.
How current is the content?
The artifacts describe business structure — capabilities, value streams, information entities — which changes far more slowly than technology or regulation. Where a product includes market-facing material such as vendor profiles, the product page says so and advises verifying currency before relying on it for a decision.