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3.0 out of 5.0 (1 ratings)

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  • 3 out of 5.0, Reviewed

    Product(s): Insurance Policy Administration for Life and Annuity

    Implementation challenging due to low expertise implementation partner

    Overall Comment

    Vendor had limited permanent staff at expert level Vendor had high reliance on Oracle Experts but with limited budget Vendor did not have adequate library of industry processes, functions, procedures, etc

    What one piece of advice would you give other prospective customers?

    select the best systems integrator / implementer that you can afford be willing to adopt best practice processes

    What do you like most about the product or service?

    OIPA provides us with flexibility and agility. this is significant in the markets in Africa that we operate in.

    What do you dislike most about the product?

    does not come out of the box with a comprehensive set of processes

    What one thing do you wish the vendor did differently?

    lead JAD sessions with expert level resources

    If you could start over, what would your organization do differently?

    spend more time on selecting the best partner fight harder for budget to partner with experts lean more on industry best practices and processes

    Integration & Deployment - Overall comment

    Landing OIPA in our ecosystem went well as it has advanced ability to co-exist with legacy and other business applications


Ratings Overview

1 2 3 4 5
Section
1

Evaluation & Contracting

Overall rating of product evaluation and contract negotiation

(1)
4.0

Ability to understand your organization's needs

(1)
4.0

Timely and complete response to product questions

(1)
4.0

Pricing and contract flexibility (pricing and terms)

(1)
4.0
1 2 3 4 5
Section
1

Integration & Deployment

Overall rating of integration and deployment

(1)
4.0

How long did your implementation take?

1 year to 18 months


Was your deployment on time/budget?

Somewhat


Availability of quality 3rd-party resources (integrators, service providers, analysts, project managers)

(1)
3.0

Ease of integration using standard APIs and tools

(1)
4.0

Quality and availability of end-user and tester training

(1)
4.0

Ease of deployment

(1)
4.0

Rate the effectiveness of the migration tools that the vendor had available?

(1)
3.0
1 2 3 4 5
Section
1

Service & Support

Overall rating of service and support from the vendor

(1)
4.0

Did you purchase a support package from the vendor?

Yes


Was the support package worth it?

Yes


Quality of technical support

(1)
3.0

Quality of peer user community

(1)
4.0
1 2 3 4 5
Section
1

Product Capabilities

Overall rating of product capabilities

(1)
5.0

Rules and calculation management

(1)
4.0

Straight through processing

(1)
4.0

Policy lifecycle management

(1)
5.0

Reporting and data management

(1)
4.0

Digital business support

(1)
4.0

System openness, modularity and integration

(1)
5.0
1 2 3 4 5
Section
1

Additional Context

Deployment architecture

On-premises


Choose the size of your insurance business unit based on Assets Under Management (AUM).

$1M - $500M


What was the nature of your involvement?

Development / Integration

Functional Assessment

Technical Assessment

Vendor Management


What was the number of policies being administered on your system at the time of implementation?

100,000-250,000


Why did you purchase the software or service?

Cut costs/improve margins

Drive innovation

Drive revenue growth

Improve business process agility

Reduce time to market


What was your technology adoption bias for this implementation?

Mainstream (adopt maturing technologies with manageable risk)


What other vendors were considered?

Accenture

CSC


Choose the option that best describes the complexity of your implementation

16-20 policies running on the system


What was your implementation strategy?

Worked with just the vendor


What were the key factors that drove your decision?

Better, faster decisions

Make better insights available to more people

Reduce external IT costs

Reduce IT head count

Reduce other non-IT costs


What product segments are being administered on the policy administration system?

Group life

Individual life

Individual pensions/annuities


Section
1

Lessons Learned

Would you recommend this product or service to others?

Yes


How satisfied is your organization with the product or service meeting its needs?

(1)
4.0

How satisfied is your organization with the value the product or service provides for the money spent?

(1)
4.0
1 2 3 4 5