12 Best Life Insurance Policy Administration Systems (2025)

Table of Contents

The insurance industry has been considerably slow-paced in shifting towards technological innovation. That explains why many insurance companies still struggle with legacy banking systems with slow and flawed policy management workflows.

For insurers to adapt to the changes in the modern insurance landscape and embrace digital transformation, they need advanced policy administration systems (PAS).

A PAS tool can automate policy processes for greater efficiency, create customized products for every market, and handle the entire policy lifecycle on a single platform for complete transparency. This transformation is critical as 75% of insurance c-suite leaders report a positive ROI from digital investments and strategy.

In this article, we’ve rounded up 10 of the best PAS solutions for you to consider. You’ll also find a list of features to look for in an ideal policy administration software.

12 Best Life Insurance Policy Administration Systems in 2025

  1. Applied Epic
  2. Oracle Insurance Policy Administration
  3. BindHQ
  4. EZLynx
  5. Insurity Sure Policy
  6. Equisoft Policy Administration System
  7. Accenture Life Insurance & Annuity Platform (ALIP)
  8. Life.io Empower
  9. Pega Policy Administration System
  10. BriteCore
  11. AgencySmart
  12. Verisk’s FAST Technology

What Is a Life Insurance Policy Administration System (PAS)?

A policy administration system (PAS) is a software designed to help insurers and companies track and manage insurance policies, pension products, and annuities. PAS performs various functions to effectively handle an insurance agent or company’s operations. These functions include accounting and finance, regulatory compliance, policy changes, premium submissions and withdrawals, and tracking claims.

12 Best Life Insurance Policy Administration Systems in 2025

Here are the best life insurance policy administration systems, with a brief overview of their functionality, key features, pricing, and rating.

1. Applied Epic

  • G2 Review Rating: 4.5 out of 5 stars
  • Price: Get a custom quote

Applied Epic is an integrated insurance management software with cloud-based functionality and robust automation capabilities. The tool allows you to integrate your entire policy management operations on a single platform and streamline customer relationships.

With enough training resources and a prompt customer support team to understand the tool’s functionality, you can get the best out of the tool for your policy management needs. You get a comprehensive suite of features, including claims management, payment processing, reporting dashboard, invoicing and receipts, and contact management.

applied epic

Key features

  • Easy to set up with a short learning curve and user-friendly interface
  • High customization options to use the product per your business needs
  • Full-fledged benefits management system organizations of all kinds

2. Oracle Insurance

  • G2 Review Rating: 3.9 out of 5 stars
  • Price: Get a custom quote

Oracle Insurance is a highly-adaptive life insurance policy administration system with built-in capabilities for underwriting, issuance, processing, billing, collections, and claims. The tool is completely customizable, enabling businesses to adapt to the changing market and customer demands.

The product brings in automation from the beginning with the underwriting process. It also delivers a seamless customer experience by offering real-time access to policy data at any time. However, the interface can sometimes feel clunky, with occasional technical glitches.

Oracle insurance

Key features

  • Reduces time to market with automated and improved business processes
  • Easily configurable and modular platform for a multi-channel customer experience
  • High-quality customer support from recognized industry experts

3. BindHQ

  • G2 Review Rating: 4.7 out of 5 stars
  • Price: BindHQ Light at $275/month, BindHQ Pro at $325/month, Enterprise at $450/month—all billed annually

BindHQ is an insurance management system for specialty agencies and insurance businesses. This cloud-first, API-driven platform controls end-to-end management with policy administration, insurance accounting, and reporting and compliance.

You can easily integrate BindHQ’s API with third-party systems to build a robust and frictionless policy management setup. The team also offers consultative calls, business analysis, configuration services, and operating reviews to ensure the tool is integrated correctly and works smoothly.

blindHQ

Key features

  • Better and faster underwriting process with comparisons of multiple business lines
  • Maximize cost savings with integrated operations, from accounting and taxation to compliance and reporting
  • On-demand support available in several formats along with expert insights

4. EZLynx

  • G2 Review Rating: 4.0 out of 5 stars
  • Price: Get a custom quote

EZLynx is a full-fledged insurance agency software with a range of tools to streamline your policy management program. You can use a combination of tools, like insurance automation, comparative rater, lead management, and retention management.

Its built-in rating engine brings real-time rates for different policies directly to the customers, liaising between brokers and policyholders.

EZLynx

Key features

  • Automated lead capture, tracking, follow-ups, and conversions to drive profitability
  • User-friendly client servicing and operations management tool for agencies
  • Integrated marketing function with communication center to reach prospective clients and convert them

5. Insurity Sure Policy

  • G2 Review Rating: 3.0 out of 5 stars
  • Price: Get a custom quote

Insurity Sure Policy is a cloud-native policy administration software with easy configurations to customize your policy management program for newer markets. The tool also minimizes time in the underwriting process with more predictable business outcomes.

It’s a scalable solution with ready-to-use APIs to integrate into your policy setup. Its highly-rated regulatory support is an added advantage.

Insurity Sure Policy

Key features

  • Robust and holistic reporting function to give users a high-level overview of their program
  • Speed up the product launch process with easy configuration capabilities
  • In-depth analytics to track all data and performance against the suitable KPIs

6. Equisoft

  • G2 Review Rating: NA
  • Price: Get a custom quote

Equisoft Policy Administration System is a plug-and-play PAS implementation tool. It comes with built-in annuity and final expense insurance products. So, you don’t have to configure and customize anything to launch in a new market.

The tool also offers a user-friendly interface for employers and employees to manage their policy programs. Its hassle-free cloud-first functionality means your team can do more with the product without relying on cloud architects’ technical expertise.

Equisoft

Key features

  • Easy to set up and implement without the need for developers’ assistance
  • Seamlessly manage business processes and outcomes with its complete suite of features
  • Third-party integrations available for all major insurance services

7. Accenture Life Insurance & Annuity Platform (ALIP)

  • G2 Review Rating: 3.5 out of 5 stars
  • Price: Get a custom quote

Accenture’s ALIP is a robust life insurance policy management system with tailored products designed for insurers’ specific operational needs. This feature-rich policy management solution allows you to develop a custom product independently and configure it with existing products.

The tool’s intuitive interface and integrated testing functionality make it a top choice for many insurance players. As a bonus, you also get a prebuilt library of business rules and workflows.

Accenture Life Insurance & Annuity Platform (ALIP)

Key features

  • Complete policy lifecycle management with automated underwriting
  • Cloud flexibility to bring more agility into your operations and achieve desired outcomes
  • Advanced policy processing features, such as claims, payout, transaction management, accounting, regulatory management, and more

8. Life.io Empower

  • G2 Review Rating: NA
  • Price: Get a custom quote

Life.io Empower is a self-service policy management tool with greater control available to policy owners. Users can review their policy details and manage or update account details 24×7.

As a part of Life.io’s enterprise solutions, Empower gives customers complete ownership of their policies. This enables insurance agencies and brokers to deliver a differentiated customer experience and offer more transparency.

Life.io Empower

Key features

  • Complete access to policy information with the flexibility to update these details with a self-service portal
  • Freedom to contact policy advisor or agent whenever needed
  • Set up automatic payments and reminders and withdraw funds directly from the platform

9. Pega Policy Administration System

  • G2 Review Rating: 4.2 out of 5 stars
  • Price: Get a custom quote

Pega Policy Administration System is a highly adaptive and low-code development platform for insurers and agencies. The platform uses AI-powered workflow automation to build a powerful policy management system.

Its insurance product configurator minimizes the time to market and accelerates product launches in new markets. What’s more, companies can also reconfigure their systems to incorporate customer feedback and make the setup more intuitive.

Pega Policy Administration System

Key features

  • Greater connectivity and seamless communication across channels and distribution lines
  • Better cost control and reduced inefficiencies due to a highly synced workflow
  • Easy configurations for the smallest of changes without the need for programming

10. BriteCore

  • G2 Review Rating: 4.0 out of 5 stars
  • Price: Get a custom quote

BriteCore offers a suite of tools for insurers to embrace digital transformation and boost their business models. BritePolicies is a full-fledged policy management tool within this suite of tools designed to manage the entire policy lifecycle.

Its flexible workflows, faster response time, intuitive interface, and automation capabilities make it an ideal choice for many businesses. The software also supports policies from multiple lines of business.

BriteCore

Key features

  • Cloud-native solution with advanced functions for underwriting, quoting, content management, data warehousing, claims management, and more
  • Easier access to information and enhanced customer experience
  • Continuous updates on the platform for greater security and durability

11. AgencySmart

  • G2 Review Rating: 4.8 out of 5 stars
  • Price: Basic Quoting at $49, CRM with Commissions at $75, Full Access at $99, Enterprise & GA at custom pricing

AgencySmart is an all-in-one, cloud-first policy management solution for insurers, retailers, employers, and financial service providers. The PAS tool solves the challenge of using multiple platforms and systems to manage the policy administration program.

You can handle every aspect of the policy processing framework—from pre-sale and underwriting to premium collections and renewal. Besides, all the policy records are easily accessible to the customers.

AgencySmart

Key features

  • Improved productivity with less time spent on complexities of generating quotes, processing policies, and other processes
  • Integrated management system to log, track, modify, and store all policy records
  • Eliminate the scope of human error in data entry with a single database and automated data entry

12. Verisk’s FAST Technology

  • G2 Review Rating: N/A
  • Price: See website

FAST Technology differentiates itself from other life insurance policy administration software with its expertise in modernizing and upgrading outdated systems within the insurance and financial services sectors. FAST Technology delivers solutions integrating new business capabilities and advanced technologies into existing organizational frameworks.

A key highlight of FAST Technology is its provision of the insurance industry’s first comprehensive suite of pre-configured, pre-integrated business processes. This suite serves as an excellent alternative to large, monolithic vendor systems traditionally used to address legacy core challenges. With software components designed for plug-and-play functionality, FAST ensures seamless integration across various applications.

Key features

  • Straight-through-processing across the entire insurance value chain, from new business to claims, including distribution management.
  • Seamless integration of external sources for all lines of business, supporting both real-time automation and workflow-driven transactions from paper, call center, or digital requests.
  • Zero-programming support for all insurance products and transaction processes.

How Digital Insurance Policy Administration Systems are Changing the Insurance Industry

Legacy banking systems put insurers on the backfoot with less adaptability and lower profitability. Conversely, policy administration systems plug right into the insurers’ business setup to boost operational efficiency, minimize losses, and increase the bottom line.

Here’s how digital insurance systems are shaping the insurance industry:

  • Competitive advantage: Policy administration systems give insurers greater digital capabilities to meet the dynamic market demands. These systems can integrate into their existing workflows and offer them an edge over the competition.
  • Differentiated customer experience: PAS tools simplify multiple policy management processes. It provides policy data access to both employers and employees, creating more transparency and less confusion. What’s more, these tools can reduce constant communication and hassle by digitizing all processes.
  • Improved productivity: McKinsey’s Insurance 360° benchmark indicates that insurers with modern PAS software as part of their insurance agent training are significantly more productive than competitors with legacy IT systems. Digitizing the end-to-end policy management framework helps streamline relationships between insurance agents, employers, and other stakeholders.
  • Greater scope for expansion: Insurance players are increasingly looking to expand globally. Fully-featured and adaptive PAS tools make it easy for them to go beyond the domestic market and adhere to country-specific regulations in a new region.
  • Lower expenses: Digital insurance systems essentially create a better communication channel between policy and claims systems. So, insurers can compare clauses with claims more accurately to minimize these expenses on loss adjustments.

PAS reduce cost

Source: McKinsey

Features of Life Insurance Policy Administration Software

With so many policy administration tools in the market, choosing the best one can be a tough call. A must-have checklist can help shortlist your options and pick the best tool.

So, here are five essential features to look for in a life insurance policy administration software:

  1. Automating policy lifecycle
  2. Self-service options
  3. Ease of integration
  4. Regulatory intelligence
  5. Accessible customer support

1. Automating policy lifecycle

Managing a policy involves many steps, like underwriting, issuance, change requests, claim records, and cancellation. A policy administrative software automates these processes to create a systematic flow throughout a policy’s lifecycle.

2. Self-service options

Employees and policyholders want easy access to their policy details. A self-service option gives them a direct channel to find all these details without going through the agent. This option also saves a lot of work for the agents every time a policyholder requests information.

3. Ease of integration

One of the essential features to get the best ROI from a policy administration software is by integrating it into your policy management system. This way, you can create seamless processes for payments, reporting, analysis, and more. It’ll also give insurers better visibility into their entire pipeline.

4. Regulatory intelligence

Insurers must meet extensive regulation requirements in every state. A regulatory intelligence feature in the policy administration tool helps understand all regulatory requirements and reduces the processing time.

5. Accessible customer support

The quality and accessibility of the policy administration software’s customer support is another significant factor. You should always check how the support team functions and ask if they provide a dedicated point of contact for onboarding and query resolution.

Unlock The Full Value of Digitized Insurance
Download whitepaper now!

Enhance the Adoption of Your Insurance Policy Administration Systems with Whatfix

Finding the best insurance policy administration system is just the first step. You also need to prepare your team to use it effectively and get the best of its functionality. This is where digital adoption platforms like Whatfix can help.

Whatfix drives digital adoption of your life insurance applications with contextual support. In-app guidance & just-in-time support for customer service reps, agents, claims adjusters, and underwriters reduces time to proficiency and enhances productivity.

whatfix-DAP

You can also increase processing rate with automated form completion features and provide self-service support to deliver a frictionless customer experience.

Learn more about embracing digital transformation for your insurance business today!

Like this article? Share it with your network.
Software Clicks Better With Whatfix
Enable users with in-app guidance and support employees in the flow of work to maximize business outcomes. Accelerate time-to-value and improve CX with interactive walkthroughs and self-help support. Create replica sandbox environments of enterprise software to provide hands-on user training. Analyze software usage, benchmark process time-to-completion, and identify areas of user friction, empowering you to make data-driven improvements to application experiences. From CIOs, CHROs, Service Teams, Product Managers, and more - software clicks better with Whatfix.
DAP GUIDE
What Is a Digital Adoption Platform?
GET STARTED
Software Clicks Better With Whatfix
The future is now. Subscribe to the Digital Adoption Insider and be an early adopter.
Join our monthly newsletter for best practices, insights, and trends on user adoption, digital enablement, and technology ROI.