Accenture Life and Annuity Software 

• Accenture offers a life and annuity software portfolio through their Accenture Life and Annuity Platform (ALIP), which includes policy administration, document management and reporting, and analytics exclusively designed for L&A carriers.
• The Financial Services business segment of Accenture, which generated $8.49 billion in 2019, consists of the Banking & Capital Markets and Insurance sub-segments. The Insurance products and services represented 30 percent of this segment's revenue in 2019, which is equivalent to approximately $2.55 billion.

 Oracle Insurance 

• Oracle offers insurance solutions for life and annuity, which includes policy administration, distribution management, analytics and reporting, customer services and digital engagement, and wellness platform.
• Oracle Financial Services Software Limited, in which Oracle Insurance belongs to, generated an income of ₹49,589.03 million for FY 2018-19, or approximately $695.85 million. 

 Sapiens 

• Sapiens offers the Sapiens Platform for Life & Annuities, a holistic policy administration platform for L&A providers that consists of a core suite, advanced analytics, and full digital suite.
• Sapiens International Corporation reported a revenue of $289.71 million for FY 2018.

 Majesco 

• Majesco offers L&A and group core suite insurance software that has "pick and choose" features, which includes a policy management system, billing software solutions, and claims management.
• The company generated a revenue of ₹98,810 lakhs, or approximately $138.52 million according to the latest INR-USD conversion rate.

 EquiSoft, Inc. 

• Equisoft offers policy administration services by using the Oracle Insurance Policy Administration (OIPA) for Life and Annuity platform as its core system. The company is the leading and most experienced integrator and reseller of the platform. Its Equisoft/manage application, the company's SaaS policy administration solution that can be seamlessly integrated with OIPA, has value-added features that include user-friendly multilingual interface and reporting.
• The company has an estimated revenue of $34.6 million annually.

 LIDP Consulting Services, Inc. 

• LIDP Consulting Services, Inc. offers administration systems for traditional and non-traditional life, health, and annuity insurance products. Their main offerings are The Administrator and The Administrator Titanium Edition. Both systems include contract & policy, reporting, and product tools to create or enhance life, health, and annuity products.
• The company generates an estimated annual revenue of $17.6 million.

 QLAdmin Solutions 

• QLAdmin Solutions has been developing insurance technology solutions since 1988, which includes end-to-end insurance policy administration for life, health, annuity, and supplemental products.
• The company generates an estimated annual revenue of $6.4 million. 

Additional Findings

•  InsPro Technologies LLC 
•  DXC Technology Company 
•  Infosys Limited 
•  Capgemini SE 
• EXL Service Holdings, Inc. 
•  Andesa Services 

Research Strategy

Compliance to the Cloud Act

•  'The Cloud Act' which is also known as the 'Clarifying Lawful Overseas Use of Data Act' became law in the United States in 2018. The law requires that all technology/software companies in the United States provide any data stored in their systems whenever it is required by the government. This law was initially enacted to enhance the FBI's data search operations and the law makes criminal any acts that deliberately hinder the government from accessing the required information.
• A wide range of insurance companies in the United States is turning to cloud technology for providing insurance services because it reduces operating costs while increasing the efficiency of operations. However, this shift requires that insurance companies put in place effective data privacy mechanisms to safeguard client information.
• The National Law Review outlines conditions under which a company may be exempted from availing required data as stated in the Cloud Act. One such condition is when the need for justice supersedes the need for access to data.
• Financial institutions and their software providers are now revising their data privacy policies to comply with this act. However, these institutions are seeking legal advice on how to challenge some clauses in this act.

Consumer Data Privacy

• The Federal Trade Commission (FTC) is mandated to enforce all legislation relating to consumer data privacy in the United States. Several acts have been enacted with respect to consumer data privacy: The American Data Dissemination Act, The Social Media Privacy Protection and Consumer Rights Act, The Digital Accountability and Transparency to Advance Privacy Act, The Commercial Facial Recognition Privacy Act, and The Information Transparency and Personal Data Control Act.
• The frequency of data breaches in the US and globally is on the rise and it is badly affecting insurance and several other industries. Reports indicate that the cost of data breaches rose by about 1.6% in 2018 and has risen by close to 12% since 2015.
• The FTC does not have specific guidelines for the insurance industry but its regulations for the financial services sector players are applied to the insurance industry and cases of data breaches are reported to this commission where relevant actions are taken against offenders.
•  Cyber Security Hub reports that software companies that have the capacity to comply with this legislation are using it to get a competitive advantage over companies that lack the capacity to comply. The report further indicates that this legislation favors big software companies like Microsoft who are now applying it worldwide.

Regulating Technology Company Mergers

• Joe Simons of the FTC said big tech companies like Facebook are killing competition by making it difficult for small tech companies to survive in this industry. The big tech companies use their financial strength to acquire the small tech companies and one such case is Facebook's acquisition of Instagram in 2012.
• In 2018, Google and Amazon expressed interest in venturing more directly into the insurance industry and these proposals have shaken the small companies in this industry.
• Big software companies have devised ways to evade the anti-merger regulation, for example, by acquiring companies that are not direct competition. Facebook's acquisition of Oculus is an example of a merger that evaded the anti-merger regulation.

Research Strategy