European life insurers may be ahead of North American life insurers when it comes to consolidating policy administration systems.
Consultants in a New York office of Accenture Ltd., Hamilton, Bermuda, have presented data supporting that conclusion in a summary of results from a survey of 112 life insurance company information technology executives.
Survey participants agreed that consolidating policy administration systems does save money.
Participants estimated past consolidation efforts have cut operating costs about 19% and increased product introduction speed about 35%, Accenture consultants report.