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  #1  
Old 05-08-2017, 10:10 AM
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Default Life insurance administration system

Which are the most commonly used life insurance administration systems that life insurers use in Canada and the US?
The company I work for would like to upgrade their administration system.

Instead of developing a homegrown system they would prefer to use well established existing software. One of the suggested systems is LifePro.
Does anyone have experience with LifePro and can share an opinion on it?
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Old 05-09-2017, 10:19 AM
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I have worked at 3 companies and all 3 have used Vantage.

http://www.dxc.technology/life_annui...73-vantage_one
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Old 05-10-2017, 01:13 PM
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Thanks. Do you know if the experience using Vantage was a favorable one?
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Old 05-10-2017, 03:37 PM
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My current company uses LifePro, and I've used it at a past company as well (though I wasn't as involved with it there).

We've had good experience with LifePro, but we also don't have overly complicated products, so that helps. (The prior company used it for a different set of products, so I think it does have some flexibility - I don't recall hearing a lot of complaining about the admin system there.)

Two things that I would warn you about:

1) They don't put a lot into their reinsurance part of the system, and it doesn't appear to be something they'll be looking to improve in the future. That being said, as long as you have standard treaties, it works fine.

2) If you want to do something outside of what LifePro does, they do have programmers that'll help you with that, but you'll need to pay for it. However, once they figure out how to program something, they often will include it in future versions. They put out a new version every 18 months (give or take), and you need to be within 3 versions to stay current.

Feel free to PM me if you have more questions.
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Old 05-10-2017, 05:10 PM
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Quote:
Originally Posted by Report View Post
Thanks. Do you know if the experience using Vantage was a favorable one?
It got the job done.

Here's the thing. Most companies have been around a while, and are stuck with the admin systems they have, unless they want to shell out a ton of money to convert from an old system to a new system, which may have little economic benefit.

It's usually a cobbled patchwork of standard and custom coding that has turned into a Frankenstein over the years. There might be a handful of people at the company who really know the system inside and out, and they are probably severely underpaid relative to their key person risk. When they inevitably leave, the system will break or need new custom coding, and someone less qualified will put on a quickfix that breaks the system somewhere else down the road.

Dealing with the admin system at an established company is never fun. So was it favorable? The companies are still in business, so that's favorable I guess. Whatever admin system you choose, it will start out fresh and new and nice, and will eventually become a tangled mess. That's life.
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  #6  
Old 05-10-2017, 06:57 PM
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For well-established system, be prepared to spend $$$$$$$$$$$$$$$$$$$$$
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  #7  
Old 05-11-2017, 06:34 PM
azpnwgolfer azpnwgolfer is offline
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Do you guys use the system for deferred annuities (either indexed or fixed)?
Pretty sure that very few companies, if any, use LifePRO for EIAs. Our company has been in the process of converting our EIAs to LifePRO for some time.
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Originally Posted by Ultimate Anyone? View Post
My current company uses LifePro, and I've used it at a past company as well (though I wasn't as involved with it there).

We've had good experience with LifePro, but we also don't have overly complicated products, so that helps. (The prior company used it for a different set of products, so I think it does have some flexibility - I don't recall hearing a lot of complaining about the admin system there.)

Two things that I would warn you about:

1) They don't put a lot into their reinsurance part of the system, and it doesn't appear to be something they'll be looking to improve in the future. That being said, as long as you have standard treaties, it works fine.

2) If you want to do something outside of what LifePro does, they do have programmers that'll help you with that, but you'll need to pay for it. However, once they figure out how to program something, they often will include it in future versions. They put out a new version every 18 months (give or take), and you need to be within 3 versions to stay current.

Feel free to PM me if you have more questions.
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Old 05-11-2017, 08:22 PM
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My former company used Vantage for their fixed annuities. We did a lot of customization to make it work for our products. Variable annuities would have been another kettle of fish.
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Old 05-19-2017, 11:06 AM
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Quote:
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For well-established system, be prepared to spend $$$$$$$$$$$$$$$$$$$$$
Yup.
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  #10  
Old 11-06-2017, 08:11 PM
azpnwgolfer azpnwgolfer is offline
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Anyone out there? Maybe not a single company uses LifePRO for EIAs...
How about Life Systems Plus? Is that still used anywhere?
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