Quick Overview
- 1#1: FINEOS - Cloud-native core administration platform for life, accident, and health insurance policy management and servicing.
- 2#2: EIS Suite - Modern, API-first policy administration system supporting life insurance with advanced configuration and automation.
- 3#3: Sapiens CoreSuite for Life & Annuities - End-to-end digital platform for policy administration, underwriting, and claims in life insurance and annuities.
- 4#4: Majesco L&A - Cloud-native insurance solution for life and annuities policy lifecycle management and digital engagement.
- 5#5: Oracle Insurance Policy Administration (OIPA) - Scalable policy administration system for complex life, group, and annuity insurance products.
- 6#6: V3locity by Vitech - Composable policy administration platform optimized for life insurance and retirement solutions.
- 7#7: DXC Assurety - Comprehensive policy administration for individual and group life insurance with integrated actuarial tools.
- 8#8: EXL eAssist - AI-powered policy administration platform enhancing efficiency for life insurers.
- 9#9: gbO - Flexible, rules-based policy administration software for life insurance carriers.
- 10#10: EbixLife - Integrated platform for life insurance policy administration, servicing, and distribution.
Tools were ranked based on their technical robustness, user experience, adaptability to complex products, and long-term value, evaluated through rigorous assessment of features, performance, and industry relevance.
Comparison Table
Life insurance policy management software is essential for optimizing administrative workflows, improving accuracy, and supporting policy lifecycles. This comparison table examines tools including FINEOS, EIS Suite, Sapiens CoreSuite for Life & Annuities, Majesco L&A, Oracle Insurance Policy Administration (OIPA), and additional options, equipping readers to select solutions tailored to their operational requirements.
| # | Tool | Category | Overall | Features | Ease of Use | Value |
|---|---|---|---|---|---|---|
| 1 | FINEOS Cloud-native core administration platform for life, accident, and health insurance policy management and servicing. | enterprise | 9.7/10 | 9.8/10 | 9.2/10 | 9.4/10 |
| 2 | EIS Suite Modern, API-first policy administration system supporting life insurance with advanced configuration and automation. | enterprise | 9.1/10 | 9.5/10 | 8.4/10 | 8.7/10 |
| 3 | Sapiens CoreSuite for Life & Annuities End-to-end digital platform for policy administration, underwriting, and claims in life insurance and annuities. | enterprise | 8.7/10 | 9.2/10 | 7.9/10 | 8.4/10 |
| 4 | Majesco L&A Cloud-native insurance solution for life and annuities policy lifecycle management and digital engagement. | enterprise | 8.7/10 | 9.2/10 | 8.1/10 | 8.4/10 |
| 5 | Oracle Insurance Policy Administration (OIPA) Scalable policy administration system for complex life, group, and annuity insurance products. | enterprise | 8.2/10 | 9.1/10 | 6.8/10 | 7.5/10 |
| 6 | V3locity by Vitech Composable policy administration platform optimized for life insurance and retirement solutions. | enterprise | 8.4/10 | 9.1/10 | 8.2/10 | 7.8/10 |
| 7 | DXC Assurety Comprehensive policy administration for individual and group life insurance with integrated actuarial tools. | enterprise | 8.1/10 | 8.7/10 | 7.6/10 | 7.9/10 |
| 8 | EXL eAssist AI-powered policy administration platform enhancing efficiency for life insurers. | enterprise | 8.2/10 | 8.5/10 | 7.6/10 | 8.0/10 |
| 9 | gbO Flexible, rules-based policy administration software for life insurance carriers. | enterprise | 8.1/10 | 8.5/10 | 7.9/10 | 7.8/10 |
| 10 | EbixLife Integrated platform for life insurance policy administration, servicing, and distribution. | enterprise | 7.4/10 | 8.0/10 | 6.5/10 | 7.0/10 |
Cloud-native core administration platform for life, accident, and health insurance policy management and servicing.
Modern, API-first policy administration system supporting life insurance with advanced configuration and automation.
End-to-end digital platform for policy administration, underwriting, and claims in life insurance and annuities.
Cloud-native insurance solution for life and annuities policy lifecycle management and digital engagement.
Scalable policy administration system for complex life, group, and annuity insurance products.
Composable policy administration platform optimized for life insurance and retirement solutions.
Comprehensive policy administration for individual and group life insurance with integrated actuarial tools.
AI-powered policy administration platform enhancing efficiency for life insurers.
Flexible, rules-based policy administration software for life insurance carriers.
Integrated platform for life insurance policy administration, servicing, and distribution.
FINEOS
enterpriseCloud-native core administration platform for life, accident, and health insurance policy management and servicing.
Intelligent no-code product factory for modeling complex life insurance products with rules-based engines and AI-driven automation
FINEOS Engage is a cloud-native SaaS platform specializing in life, health, accident, and disability insurance policy administration, providing end-to-end management from new business and underwriting to policy servicing, billing, and claims. It supports complex product modeling with no-code configuration, enabling insurers to launch new products quickly without custom development. The platform emphasizes digital customer experiences, straight-through processing, and seamless integrations with third-party systems for a modern core system replacement.
Pros
- Highly configurable no-code/low-code platform for rapid product innovation and deployment
- Scalable cloud architecture with microservices for high performance and reliability
- Comprehensive suite covering policy admin, claims, billing, and digital self-service
Cons
- Enterprise pricing can be prohibitive for smaller insurers
- Initial implementation may require significant consulting support
- Customization depth best suited for larger organizations with dedicated IT teams
Best For
Mid-to-large life insurers seeking a future-proof, SaaS-based core administration system to drive digital transformation and operational efficiency.
Pricing
Custom enterprise SaaS pricing typically starting at $500K+ annually, based on policy volume, users, and modules; contact for quote.
EIS Suite
enterpriseModern, API-first policy administration system supporting life insurance with advanced configuration and automation.
Product Factory: no-code platform for configuring and launching intricate life insurance products in days, not months.
EIS Suite is a cloud-native policy administration system (PAS) tailored for life, health, and P&C insurers, streamlining end-to-end processes from new business and underwriting to policy servicing, billing, and claims management. It leverages microservices architecture for scalability and flexibility, enabling rapid product configuration and deployment without extensive coding. The platform supports digital transformation with AI-driven insights, omnichannel customer experiences, and robust analytics for life insurance operations.
Pros
- Highly configurable no-code/low-code Product Factory for complex life products
- Scalable microservices architecture with strong API integrations
- Advanced AI/ML capabilities for underwriting and claims automation
Cons
- Steep implementation timeline and costs for large-scale deployments
- Learning curve for full customization despite no-code tools
- Less ideal for small insurers due to enterprise focus
Best For
Mid-to-large life insurance carriers needing a modern, scalable PAS for complex products and digital initiatives.
Pricing
Custom enterprise licensing, typically starting at $500K+ annually based on modules, users, and deployment scale.
Sapiens CoreSuite for Life & Annuities
enterpriseEnd-to-end digital platform for policy administration, underwriting, and claims in life insurance and annuities.
Microservices-based Origin platform for agile, low-code policy configuration and rapid product launches
Sapiens CoreSuite for Life & Annuities is a modern, cloud-native policy administration system designed specifically for life insurance and annuity carriers. It manages the full policy lifecycle, including new business issuance, underwriting, servicing, claims processing, and surrender management. The platform leverages microservices architecture for scalability, rapid deployment, and seamless integration with third-party systems and digital channels.
Pros
- Comprehensive end-to-end policy administration with support for complex life and annuity products
- Cloud-based microservices architecture enabling quick scalability and digital transformation
- Strong API ecosystem and low-code configuration for customization and integrations
Cons
- Steep implementation timeline and high upfront costs for large-scale deployments
- Complex user interface that requires significant training for non-technical staff
- Limited out-of-the-box support for niche or highly customized regional regulations
Best For
Mid-to-large life insurance carriers seeking a robust, scalable platform to modernize legacy systems and accelerate digital initiatives.
Pricing
Enterprise-level custom pricing; typically subscription-based starting at $500K+ annually plus implementation fees depending on scope and users.
Majesco L&A
enterpriseCloud-native insurance solution for life and annuities policy lifecycle management and digital engagement.
Dynamic Product Factory enabling low-code/no-code configuration for fast, flexible product development and innovation
Majesco L&A is a cloud-native SaaS policy administration system tailored for life, annuity, and group insurance carriers. It streamlines the entire policy lifecycle, including new business issuance, ongoing servicing, billing, claims processing, and illustrations. The platform emphasizes configurability, digital integration, and analytics to support product innovation and operational efficiency.
Pros
- Highly configurable low-code product factory for rapid product launches
- Robust integration with third-party systems and digital channels
- Scalable cloud architecture with strong analytics and reporting
Cons
- Complex initial implementation requiring significant customization
- Higher cost suitable mainly for mid-to-large carriers
- Steep learning curve for non-technical users
Best For
Mid-sized to large life and annuity insurers seeking a modern, scalable policy administration system for digital transformation.
Pricing
Custom SaaS subscription pricing based on modules, users, and volume; typically starts at enterprise-level quotes (contact Majesco for details).
Oracle Insurance Policy Administration (OIPA)
enterpriseScalable policy administration system for complex life, group, and annuity insurance products.
Dynamic Global Product Model and adaptive rules engine enabling no-code configuration of intricate life insurance products and business rules
Oracle Insurance Policy Administration (OIPA) is a comprehensive enterprise-grade platform designed for life insurance policy management, handling the full policy lifecycle from issuance and underwriting to servicing, billing, and claims processing. It leverages a flexible product model and rules engine to support complex life and annuity products with high configurability. Integrated within Oracle's cloud ecosystem, OIPA enables scalable operations for large insurers while supporting regulatory compliance and multi-channel distribution.
Pros
- Highly configurable rules engine for complex life products without extensive coding
- Seamless integration with Oracle's broader financial services suite and cloud infrastructure
- Robust scalability and performance for high-volume enterprise operations
Cons
- Steep learning curve and complex initial implementation requiring specialized expertise
- High licensing and customization costs
- Limited flexibility for smaller insurers due to enterprise focus
Best For
Large life insurance carriers with complex product portfolios and high transaction volumes needing a scalable, rules-driven policy administration system.
Pricing
Quote-based enterprise licensing, typically involving multi-year subscriptions starting at $500K+ annually depending on modules, users, and deployment scale.
V3locity by Vitech
enterpriseComposable policy administration platform optimized for life insurance and retirement solutions.
Low-code HyperConfig engine enabling business users to configure complex products without developer intervention
V3locity by Vitech is a cloud-native, SaaS-based policy administration system (PAS) tailored for life insurance, annuities, and group benefits carriers. It manages the full policy lifecycle, including new business submission, underwriting, issuance, servicing, billing, claims, and surrenders. The platform leverages a low-code configuration engine and microservices architecture for scalability, rapid deployment, and seamless integrations with ecosystems like distribution and actuarial systems.
Pros
- Cloud-native microservices for high scalability and performance
- Comprehensive end-to-end life insurance lifecycle support
- Low-code configurability for quick product launches and changes
Cons
- Enterprise-level pricing may deter smaller carriers
- Implementation requires significant upfront effort and expertise
- Fewer public customer testimonials compared to top competitors
Best For
Mid-to-large life insurers transitioning from legacy systems to modern, agile policy administration.
Pricing
Custom quote-based SaaS pricing; typically subscription model starting at high six figures annually for enterprise deployments.
DXC Assurety
enterpriseComprehensive policy administration for individual and group life insurance with integrated actuarial tools.
Low-code/no-code configuration engine enabling insurers to launch new products in weeks rather than months
DXC Assurety is a comprehensive, SaaS-based policy administration system (PAS) designed specifically for life and annuities insurers, managing the full policy lifecycle from issuance to claims and surrender. It supports product innovation, customer servicing, reinsurance, and regulatory compliance through modular components and modern cloud architecture. The platform emphasizes agility with low-code configuration tools and integrations for seamless digital experiences.
Pros
- Robust end-to-end policy administration with strong support for complex products
- Scalable cloud-native architecture suitable for large enterprises
- Advanced low-code tools for rapid configuration and product launches
Cons
- Steep implementation timeline and costs for customization
- User interface can feel dated in some modules despite modern updates
- Pricing lacks transparency and is enterprise-only
Best For
Large life insurance carriers needing a scalable, feature-rich PAS for high-volume policy management and digital transformation.
Pricing
Custom enterprise pricing based on modules, users, and deployment scale; typically annual subscription starting at $500K+ with implementation fees.
EXL eAssist
enterpriseAI-powered policy administration platform enhancing efficiency for life insurers.
AI-powered hyperautomation enabling up to 90% straight-through processing for new business and servicing
EXL eAssist is a digital policy administration platform tailored for life and annuity insurance carriers, managing the full policy lifecycle from issuance to servicing and claims. It leverages AI, automation, and analytics to enable straight-through processing, reduce manual interventions, and enhance customer experiences. The solution supports complex product configurations and integrates seamlessly with legacy systems for digital transformation.
Pros
- Advanced AI and hyperautomation for efficient policy processing
- Scalable architecture handling high volumes for enterprise insurers
- Strong compliance tools and regulatory reporting capabilities
Cons
- Complex implementation requiring significant IT resources
- Steep learning curve for end-users
- Higher costs may not suit smaller carriers
Best For
Mid-to-large life insurance carriers seeking robust digital modernization of policy administration.
Pricing
Custom enterprise licensing, typically $500K+ annually based on user count, policies managed, and customizations.
gbO
enterpriseFlexible, rules-based policy administration software for life insurance carriers.
Advanced no-code configuration engine for rapid product development and personalization
gbO, from gbopc.com, is a modern policy administration system tailored for life and health insurers, managing the full policy lifecycle including issuance, underwriting, servicing, claims, and reinsurance. It features configurable workflows, actuarial illustrations, and robust reporting to streamline operations and improve customer experience. Designed for scalability, it supports digital channels and integrates with legacy systems for smoother transitions.
Pros
- Highly configurable low-code platform for custom products and workflows
- Strong integration capabilities with third-party systems like CRM and billing
- Comprehensive analytics and regulatory reporting tools
Cons
- Steeper learning curve for advanced configurations
- Limited public demos or trial options
- Enterprise-focused pricing may deter smaller firms
Best For
Mid-sized life insurance carriers seeking a flexible, scalable end-to-end policy administration solution.
Pricing
Custom quote-based pricing for enterprise licenses, often starting at $100K+ annually depending on modules and users.
EbixLife
enterpriseIntegrated platform for life insurance policy administration, servicing, and distribution.
Advanced Product Factory for no-code/low-code product configuration and rapid market launches
EbixLife is a comprehensive policy administration system (PAS) from Ebix Inc., designed specifically for life insurers to manage the full policy lifecycle, including quoting, underwriting, issuance, servicing, billing, and claims processing. It supports complex life and annuity products with modular components for customization and integrates with CRM, distribution channels, and third-party systems. The platform emphasizes automation, straight-through processing, and regulatory compliance across multiple markets.
Pros
- Robust end-to-end policy administration with strong support for complex products
- Excellent claims management and automation capabilities
- Proven scalability for mid-to-large insurers with global deployment experience
Cons
- Dated user interface requiring significant training
- Lengthy and costly implementation timelines
- Limited native modern UI/UX and mobile-first features
Best For
Mid-sized to large life insurance carriers needing a customizable, feature-rich PAS with strong claims and product configuration tools.
Pricing
Enterprise licensing with custom quotes; typically $200K+ annually based on modules, users, and deployment (on-premise or cloud).
Conclusion
Through careful evaluation, the top life insurance policy management software tools excelled in areas like scalability, automation, and digital engagement. Leading the ranking is FINEOS, recognized for its robust cloud-native platform that delivers strong administration and servicing capabilities. EIS Suite and Sapiens CoreSuite for Life & Annuities also stand out as valuable alternatives, with EIS Suite offering advanced configuration and Sapiens providing comprehensive end-to-end digital tools, each suited to distinct business needs.
Take the first step toward streamlined operations and enhanced customer experiences by exploring FINEOS, the top-ranked choice for efficient policy management.
Tools Reviewed
All tools were independently evaluated for this comparison