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%<\/a> of insurance c-suite leaders report a positive ROI from digital investments and strategy.<\/p>\n In this article, we\u2019ve rounded up 10 of the best PAS solutions for you to consider. You\u2019ll also find a list of features to look for in an ideal policy administration software.<\/p>\n 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.<\/p>\n Here are the best life insurance policy administration systems, with a brief overview of their functionality, key features, pricing, and rating.<\/p>\n Applied Epic<\/a> is an integrated insurance management software<\/a> 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.<\/p>\n With enough training resources and a prompt customer support team to understand the tool\u2019s 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.<\/p>\n Key features<\/strong><\/p>\n Oracle Insurance<\/a> 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.<\/p>\n The product brings in automation from the beginning with the underwriting process. It also delivers a seamless customer experience<\/a> by offering real-time access to policy data at any time. However, the interface can sometimes feel clunky, with occasional technical glitches.<\/p>\n Key features<\/strong><\/p>\n BindHQ<\/a> 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.<\/p>\n 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.<\/p>\n Key features<\/b><\/p>\n EZLynx<\/a> 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.<\/p>\n Its built-in rating engine brings real-time rates for different policies directly to the customers, liaising between brokers and policyholders.<\/p>\n Key features<\/b><\/p>\n Insurity Sure Policy<\/a> 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.<\/p>\n It\u2019s a scalable solution with ready-to-use APIs to integrate into your policy setup. Its highly-rated regulatory support is an added advantage.<\/p>\n Key features<\/b><\/p>\n Equisoft Policy Administration System<\/a> is a plug-and-play PAS implementation tool. It comes with built-in annuity and final expense insurance products. So, you don\u2019t have to configure and customize anything to launch in a new market.<\/p>\n 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.<\/p>\n Key features<\/b><\/p>\n Accenture’s ALIP<\/a> 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.<\/p>\n 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.<\/p>\n Key features<\/b><\/p>\n Life.io Empower<\/a> 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.<\/p>\n As a part of Life.io\u2019s 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.<\/p>\n Key features<\/b><\/p>\n Pega Policy Administration System<\/a> 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.<\/p>\n Its insurance product configurator minimizes the time to market and accelerates product launches in new markets. What\u2019s more, companies can also reconfigure their systems to incorporate customer feedback and make the setup more intuitive.<\/p>\n Key features<\/b><\/p>\n BriteCore<\/a> 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.<\/p>\n 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.<\/p>\n Key features<\/b><\/p>\n AgencySmart<\/a> 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.<\/p>\n You can handle every aspect of the policy processing framework\u2014from pre-sale and underwriting to premium collections and renewal. Besides, all the policy records are easily accessible to the customers.<\/p>\n Key features<\/b><\/p>\n FAST Technology<\/a> 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.<\/p>\n 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.<\/p>\n Key features<\/b><\/p>\n Legacy banking systems<\/a> put insurers at a disadvantage with less adaptability and lower profitability. Conversely, policy administration systems seamlessly integrate with insurers’ business setups to enhance operational efficiency, minimize losses, and boost the bottom line.<\/p>\n Here\u2019s how digital insurance systems are shaping the insurance industry:<\/p>\n Source: McKinsey<\/a><\/p>\n Related Resources<\/strong><\/p>\n 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.<\/p>\n So, here are five essential features to look for in a life insurance policy administration software:<\/p>\n 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\u2019s lifecycle.<\/p>\n 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.<\/p>\n 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.<\/p>\n 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.<\/p>\n 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.<\/p>\n Enhance the Adoption of Your Insurance Policy Administration Systems with Whatfix<\/span><\/strong><\/p>\n 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<\/a> can help.<\/p>\n12 Best Life Insurance Policy Administration Systems in 2026<\/h2>\n
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What Is a Life Insurance Policy Administration System (PAS)?<\/h2>\n
12 Best Life Insurance Policy Administration Systems in 2026<\/h2>\n
<\/a>1. Applied Epic<\/h3>\n
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<\/a>2. Oracle Insurance<\/h3>\n
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![\"Oracle](\"https:\/\/whatfix.com\/blog\/wp-content\/uploads\/2022\/09\/image6-1.png\")
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<\/a>3. BindHQ<\/h3>\n
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![\"blindHQ\"](\"https:\/\/whatfix.com\/blog\/wp-content\/uploads\/2022\/09\/image9-1.png\")
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<\/a>4. EZLynx<\/h3>\n
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![\"EZLynx\"](\"https:\/\/whatfix.com\/blog\/wp-content\/uploads\/2022\/09\/image1-1.png\")
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<\/a>5. Insurity Sure Policy<\/h3>\n
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![\"Insurity](\"https:\/\/whatfix.com\/blog\/wp-content\/uploads\/2022\/09\/image10.png\")
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<\/a>6. Equisoft<\/h3>\n
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![\"Equisoft\"](\"https:\/\/whatfix.com\/blog\/wp-content\/uploads\/2022\/09\/image7-1.png\")
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<\/a>7. Accenture Life Insurance & Annuity Platform (ALIP)<\/h3>\n
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![\"Accenture](\"https:\/\/whatfix.com\/blog\/wp-content\/uploads\/2022\/09\/image11.jpg\")
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<\/a>8. Life.io Empower<\/h3>\n
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![\"Life.io](\"https:\/\/whatfix.com\/blog\/wp-content\/uploads\/2022\/09\/image5-1.png\")
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<\/a>9. Pega Policy Administration System<\/h3>\n
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![\"Pega](\"https:\/\/whatfix.com\/blog\/wp-content\/uploads\/2022\/09\/image4-1.png\")
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<\/a>10. BriteCore<\/h3>\n
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![\"BriteCore\"](\"https:\/\/whatfix.com\/blog\/wp-content\/uploads\/2022\/09\/image3-1.png\")
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<\/a>11. AgencySmart<\/h3>\n
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![\"AgencySmart\"](\"https:\/\/whatfix.com\/blog\/wp-content\/uploads\/2022\/09\/image8-1.png\")
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<\/a>12. Verisk’s FAST Technology<\/h3>\n
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How Digital Insurance Policy Administration Systems are Changing the Insurance Industry<\/h2>\n
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![\"PAS](\"https:\/\/whatfix.com\/blog\/wp-content\/uploads\/2022\/09\/image12.png\")
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Features of Life Insurance Policy Administration Software<\/h2>\n
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1. Automating policy lifecycle<\/h3>\n
2. Self-service options<\/h3>\n
3. Ease of integration<\/h3>\n
4. Regulatory intelligence<\/h3>\n
5. Accessible customer support<\/h3>\n
\nDownload whitepaper now!<\/a><\/strong><\/div>\n
![\"whatfix-DAP\"](\"https:\/\/whatfix.com\/blog\/wp-content\/uploads\/2023\/06\/image1.gif\")
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