This authorized reprint contains material excerpted from a

recent Celent report profiling and evaluating 17 different

individual life insurance policy administration system vendors in
Latin America. The full report is more than 120 pages long. This
report was not sponsored by SysOne in any way.

This reprint was prepared specifically for SysOne, but the

analysis presented has not been changed from that presented
in the full report. The full report description can be found at
Policy Administration Systems: LATAM Life Insurance Edition.
For more information on the full report, please contact Celent
at Celent at info@celent.com.

POLICY ADMINSTRATION
SYSTEMS: LATAM LIFE
INSURANCE EDITION
2021 Spectrum Report, Powered by VendorMatch
Fabio Sarrico and Juan Mazzini
December 17, 2021
 Policy Administration Systems: EMEA Life Insurance Edition

CONTENTS

Executive Summary .......................................................................................................... 3

Introduction ..................................................................................................................... 4

Report Methodology ........................................................................................................ 6

Celent’s Technical Capabilities Matrix ............................................................................... 8

SYSONE: INSURANCE CORE LIFE™ ................................................................................... 10

Leveraging Celent’s Expertise.......................................................................................... 16

Related Celent Research ................................................................................................. 17

Copyright Notice ............................................................................................................ 18

© CELENT
 Executive Summary

EXECUTIVE SUMMARY

Since our last update to this report, Celent has seen an increased interest from
vendors in the life policy administration system market in LATAM, evidenced
mainly by new entrants and modernization efforts from incumbent vendors in the
region. While insurers tend to have similar criteria when starting to look for a life
policy administration system vendor (e.g., relevance of the system in target
countries, insurance products supported, and the types of customers a vendor
serves), getting deeper into vendor due diligence requires more granular
information about the vendors and systems at play.

This report is the fifth in Celent’s biennial look at policy administration systems
(PASs) available to life insurers in Latin America (LATAM). In this LATAM edition, we
will provide a vendor spectrum of participating life policy administration systems
vendors. This report profiles 17 PASs in use or being marketed for LATAM life,
pension, and annuities products. Some vendors also appear in the companion
reports profiling these systems in Asia-Pacific, North America, and EMEA.

`© CELENT 3
 Introduction

INTRODUCTION

This report is part of a series on policy administration systems (PASs) in North

America, Latin America, EMEA, and Asia-Pacific. It profiles the majority of the
individual life, annuity, and pension insurance administration systems available in
Latin America today.

This report should help life insurers define their core systems requirements and,
where appropriate, create a short list of vendors for evaluation. Expanded PAS
functionality and improved technology mean that insurers continue to have a wide
spectrum of systems and vendors to consider when they are looking for a solution to
fit their needs. Insurers should leverage their access to the authors through analyst
access to learn more about the vendors.

Policy Administration System Definition

In one sense, the definition of a policy administration system (PAS) is the system of
record for all policies that an insurance company has written. At this most basic level,
a PAS is a repository of policy-level data related to plans of insurance, policy
coverage amounts, benefits and riders, duration of the policy, and so forth. A
permanent policy record is created at the time a policy is issued and includes the
complete history of the policy through payout, termination, cancellation, and/or
reinstatement.
In actual practice, an insurer uses a PAS, either by itself or with closely integrated
specific point solutions, to execute a number of core processes and relies on several
types of supporting capabilities, as shown in Figure 1.

`© CELENT 4
 Introduction

Figure 1: Policy Administration System Components and Functionality

Source: Celent

`© CELENT 5
 Report Methodology

REPORT METHODOLOGY

Celent’s objective is to include as many as possible of the leading policy

administration systems being used or actively sold to insurers in Latin America in
this report. Celent actively reviews vendor systems in the insurance software
market and invites the vendors to participate in reports like these.

Approach
To analyze the capabilities of policy administration systems active in the individual
life insurance market, Celent invited software vendors worldwide to participate in
this research. There was no cost for vendors to participate.
Celent sent a detailed RFI to the participating vendors, accompanied by a product
briefing and solution demonstration. The RFI sought information about key
functionality, preintegrated products, customer base, pricing model, customer
feedback, and implementation and support. In some cases, vendors revised their RFI
responses following detailed discussions.
Celent used its unique VendorMatch platform to gather RFI data from each vendor.
VendorMatch is the world’s largest vendor and solutions data store—combined with
analytical tools—to help financial institutions find, evaluate, and select a solution.
Each profile contains a link to the solution’s VendorMatch profile.
The individual life insurance policy administration solution RFI gathered information
across multiple dimensions, including:
• Company information
• Product overview
• Specific information about the vendor and the system, including, among others:
– Functionality: General service and policy management, including desktops;
workflow; new business, including quotes, illustrations, and applications;
underwriting; product configuration and management; premium
calculations; fund management; annuity management; tax calculations;
claim servicing; billing, collections, disbursements, and reconciliation;
distribution management, including commissions; reinsurance; document
and forms management; digital integrations and features; and
internationalization and localization.
– Technology: Code, databases, operating systems supported, integration
methods and APIs, user interface, and mobile and deployment options.

`© CELENT 6
 Report Methodology

– Implementation and support: Staffing, training, client services, and initial

installation.
– Commercial terms: Pricing models, pricing factors, third-party software fees
and other costs, service-level agreements.
– Customer base: Customers by premium tier; installations by country;
marquee clients; lines of business supported; lines of business in production,
including protection products, annuities, accident and health, and savings
and pension; and customer references.
As part of the VendorMatch RFI process, Celent gathered much more information
about each solution than is reflected in this report. Subscription clients can leverage
analyst access to connect with the author and learn more about the vendors. They
can also use Celent’s VendorMatch platform to review a vendor’s online company
and product profiles. Since the online database may be updated at any time, the
online data may be more current than this report.

About the Profiles

This report contains 17 profiles. The profiles are presented in alphabetical order.
Each of the profiles presents information about the vendor and solution; available
professional services and support capabilities in the region; their customer base;
functionality and lines of business deployed; technology and partnerships; and
implementations.
Celent has retained final authority over the content of the published profiles. Some
of the vendors profiled in this report are Celent clients, and some are not. No
preference was given to Celent clients either for inclusion in the report or for the
subsequent evaluation.

Limitations
Celent believes that this study provides valuable insights into current offerings in life
insurance policy administration systems. However, readers are encouraged to
consider these results in the following context. Although Celent analysts are very
familiar with the systems included in this report, we could not confirm all of the
solution details and client base information self-reported by participants. The initial
data collection commenced in July 2021, and the vendors have had the opportunity
to update their profile information since that initial outreach.

`© CELENT 7
 Celent’s Technical Capabilities Matrix

CELENT’S TECHNICAL CAPABILITIES MATRIX

Celent Technical Capabilities Matrix

New to Celent’s solution research this year is the Celent Technical Capabilities
Matrix. We’ve placed each solution into a category based on the sophistication and
breadth of its technology (e.g., plotting the A and B dimensions). Solutions are not
ranked within the category we have assigned—we have simply listed them
alphabetically.
The five categories are:
I. Luminary: Excels on both Advanced Technology and Breadth of
Functionality.
II. Technology Standout: Excels in Advanced Technology but doesn’t yet have
as many features as leading competitors (low on Breadth of Functionality).
Often newer, these solutions typically have chosen a focused set of functions
with which to begin their journey.
III. Functionality Standout: Low on Advanced Technology, good on Breadth of
Functionality (likely big installed base). Often more established, these
solutions have built out a robust set of features with technology that is no
longer cutting-edge.
IV. Noteworthy Solution: Relatively lower on both dimensions, and still worthy
of consideration by the right financial institution.
V. Developing Solution: Typically new to the market and quite low on either
Advanced Technology or Breadth of Functionality. Has the potential to
mature into a more robust offering over time.
The numbers used to identify each category do not necessarily mean a category is
superior to another. For example, an insurer might prioritize functionality (III) versus
technology (II).

`© CELENT 8
 Celent’s Technical Capabilities Matrix

Figure 2: Celent Technical Capabilities Matrix

Source: Celent

`© CELENT 9
 SYSONE: INSURANCE CORE LIFE™

SYSONE: INSURANCE CORE LIFE™

Company and Product Snapshot
Table 1: Company Snapshot

Year Founded 2011

Headquarters Ciudad Autónoma de Buenos Aires , Buenos
Aires
Number of Employees 75
Revenues (USD) Not disclosed
Financial Structure Company Financial Structure: Private
VendorMatch Link https://www.celent.com/solutions/127853170
Source: Vendor RFI

Table 2: Product Snapshot

Name Insurance Core Life™

Year Originally Released 2013/2014
Current Release and Date of Release 3/2020
Revenue Derived from the Product Not disclosed
R&D Expense R&D expense over the past two
years has been 35% of total revenue
attributed to this solution
FTEs Providing Professional Services for Product 30
Notable Clients Sancor Seguros, Bice Vida, Smsv
Seguros
Source: Vendor RFI

Functionality
Table 3: Suite Availability

Availability
Premium Calculations/Rating Engine 
Quoting 
Needs Analysis 
Product Design/Development/Modeling Tools 
e-Application 
New Business Case Management, incl. Workbench 
Underwriting Rules Engine/Automated Underwriting 

`© CELENT 10
 SYSONE: INSURANCE CORE LIFE™

Business Intelligence/Analytics 
CRM 
Content Management 
Policy Administration 
Billing/Collections 
Claims Administration/Payouts 
Prospective Customer Portal (quick quote, illustration, bind, issue) 
Policyholder Portal (inquiries and transactions for in-force policies) 
Producer Portal (quick quote, illustration, bind, issue) 
Reinsurance Management 
Distribution Management/Commissions 
Document Management 
Customer Communications 
Legend: = Can be licensed as a stand-alone component;  = Only bundled with the solution (no additional cost);
 = Only bundled with the solution (with additional cost);  = Through third party provider;  = Not available

Source: Vendor RFI

Lines of Business Supported in LATAM

Table 4: Suite Availability

Line of Business Individual Group

Term Life  
Whole Life  
Variable Life  
Universal Life  
Variable Universal Life  
Indexed Universal Life  
Unit Linked  
Senior or Pre-need / Final Expense  
Fixed Annuity  
Variable Annuity  
Indexed Annuities  
Enhanced/Impaired Annuities  
Short-Term Care  
Accidental Death or Dismemberment  
Critical Illness  
Long-Term Disability (LTD)  
Short-Term Disability (STD)  

`© CELENT 11
 SYSONE: INSURANCE CORE LIFE™

Long-Term Care (LTC)  

Income Protection  
Dental  
Vision  
Supplemental Health/Hospital Indemnity/Major Medical  
Credit  
Pension (Defined Contribution)  
Pension (Defined Benefit)  
Wrap  
Savings (Bonds, Mutual Funds, etc.)  
Legend: = In production;  = Supported but not in production;  = Not supported
Source: Vendor RFI

Customer Base
Figure 2: Client Base by Size and Deployment Option

Reinsurance Companies 0
Public cloud 0
TPA/BPO service providers 0

Self-insureds of any size 0 Private cloud 7

Agents/Brokers 0
On-premise at the
Tier 5 0 vendor/software 0
provider
Tier 4 0

On-premise at a partner 0
Tier 3 3

Tier 2 2
On-premise at the
0
customer
Tier 1 2

Source: Vendor RFI

Table 5: Implementations by Country

Region Countries
North America -
Europe -
Middle East -
Africa -

`© CELENT 12
 SYSONE: INSURANCE CORE LIFE™

Asia-Pacific -
Central America -
South America Argentina, Bolivia, Chile, Ecuador
Caribbean -
Source: Vendor RFI

Technology
Table 6: Technology Options

Technology Options Responses

Platform
The system is implemented in Java/JEE on Java—
Tomcat, Java—JRun, Java—Other non-JEE servers,
JEE—Boss, JEE—WebLogic, JEE—WebSphere, JEE—
Other
Code Base Java: 100%
Database DB2, Firebird, Kdb+, NoSQL, Oracle, PostgreSQL, SQL,
Sybase, Other
Integration Methods Web services; RESTful HTTP-style services; JSON
format; MQSeries, JMS or similar queue technology;
Custom APIs
API Details  The API is documented
External systems can trigger an event in
 the system which can be responded to by
a workflow or business rules system
API management supports local or global
 standards, such as ACORD application
creation and rendering
 API sample codes are available to clients
API developer portal is available for

support and descriptions
API testing portal and the ability to use

scripts on website is available
The system allows API publishing in SOAP,

REST, JSON, and XML style services as APIs
 API version management is available
Access to the APIs is managed and use of

APIs tracked by developers
 Training in extending the system is offered
Legend: = Available;  = Not available
Source: Vendor RFI

`© CELENT 13
 SYSONE: INSURANCE CORE LIFE™

Table 7: Change Tooling and Upgrades

Types of Changes Availability

Business Rule Definition 
Data Definition 
Table Maintenance, List of Values, etc. 
Interface Definition 
Product Definition 
Role-Based Security, Access Control, and Authorizations 
Screen Definition 
Legend: = Configurable via tools for business users;  = Configurable via tools for IT users;  = Configurable via
the vendor;  = Configurable via scripting;  = Coding required;  = Not available
Source: Vendor RFI

Table 8: Public Cloud Options in LATAM

Providers Availability
Microsoft Azure 
Amazon AWS 
Google Cloud Platform (GCP) 
Alibaba Cloud 
IBM Cloud / Bluemix 
Oracle Cloud 
Salesforce Cloud, Force.com, AppExchange 
Other 
Legend: = In production;  = Supported but not in production;  = Not supported
Source: Vendor RFI

Partnership
Table 9: Implementation and Support

Type of Partnership Partner Vendor

System Integrators For Onboarding processing and digital
enrolment of people. ex. Biometric
identification of the user.
Fintech Partners We currently have technology partners for
Onboarding and digital enrolment processing
of people. for example, Biometric
identification of the user.
Source: Vendor RFI

`© CELENT 14
 SYSONE: INSURANCE CORE LIFE™

Implementation, Pricing, and Support

Table 10: Implementation, Pricing, and Support

Typical Implementation 6 to 10
Team Size
Resource Breakdown Vendor: 80%; Insurer: 20%; Third-party: 0%
Location of Employees SysOne has employees in LATAM, with 100 in Latin America
Average Time to Initial Implementation: 1 to 3 months
Implementation
2nd and subsequent line of business: 4 to 6 months
2nd and subsequent states/jurisdictions: 4 to 6 months
Preferred Implementation Our implementation approach is modular and incremental,
Approach emphasizing the determination of an MVP (Minimum Viable
Product) that allows the client to go into production with a
portion of the final product in order to probe the market
and obtain a Return on Investment (ROI)
Pricing Models Term license, Perpetual license Enterprise license,
Subscription-based license, Another pricing model that is
not listed
Factors Used to Determine
Usage-based factors: Per functional components/modules
Pricing
used
Tier-based factors: Functional components/modules,
Jurisdictions (States/Provinces/Countries)
Other factors: Flat pricing
Source: Vendor RFI

`© CELENT 15
 Leveraging Celent’s Expertise

LEVERAGING CELENT’S EXPERTISE

If you found this report valuable, you might consider engaging with Celent for
custom analysis and research. Our collective experience and the knowledge we
gained while working on this report can help you streamline the creation,
refinement, or execution of your strategies.

Support for Financial Institutions

Typical projects we support include:
Vendor short listing and selection. We perform discovery specific to you and your
business to better understand your unique needs. We then create and administer a
custom RFI to selected vendors to assist you in making rapid and accurate vendor
choices.
Business practice evaluations. We spend time evaluating your business processes
and requirements. Based on our knowledge of the market, we identify potential
process or technology constraints and provide clear insights that will help you
implement industry best practices.
IT and business strategy creation. We collect perspectives from your executive
team, your front line business and IT staff, and your customers. We then analyze
your current position, institutional capabilities, and technology against your goals.
If necessary, we help you reformulate your technology and business plans to address
short-term and long-term needs.

Support for Vendors

We provide services that help you refine your product and service offerings.
Examples include:
Product and service strategy evaluation. We help you assess your market position in
terms of functionality, technology, and services. Our strategy workshops will help
you target the right customers and map your offerings to their needs.
Market messaging and collateral review. Based on our extensive experience with
your potential clients, we assess your marketing and sales materials—including your
website and any collateral.

`© CELENT 16
 Related Celent Research

RELATED CELENT RESEARCH

Health Policy Administration Systems: 2020 XCelent Awards

July 2020
Latin American Policy Administration Systems 2019: Life, Annuities, and Pension
February 2020

APAC Policy Administration Systems 2019: Life, Annuities, and Pension Vendor
Spectrum
December 2019

Policy Administration System Deal Trends in General Insurance in EMEA

September 2019

APAC Policy Administration Systems 2018: Personal, Commercial, and Specialty ABCD
Vendor View
February 2019

Europe, Middle East, and Africa (EMEA) Policy Administration Systems (PAS) 2018:
Personal, Commercial, and Specialty ABCD Vendor View
May 2018

Healthcare PAS 2018: ABCD Vendor View

April 2018

Latin America Life & Annuity Policy Administration Systems 2017: ABCD Vendor View
March 2018

Group and Voluntary Life Insurance Policy Administration Systems: 2018 North
American Solution Spectrum
March 2018

North American Policy Administration Systems 2018: Personal, Commercial, and

Specialty ABCD Vendor View
February 2018

Asia-Pacific Life Insurance and Annuity Policy Administration Systems 2017: An ABCD
Vendor View
January 2018

EMEA Policy Administration Systems 2017: Life, Annuities, and Pension ABCD Vendor
View
December 2017

`© CELENT 17
 Related Celent Research

North American Life Insurance and Annuity Policy Administration Systems 2017
November 2017

`© CELENT 18
COPYRIGHT NOTICE
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For more information, please contact info@celent.com or:
Fabio Sarrico fsarrico@celent.com
Juan Mazzini jmazzini@celent.com

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