Mphasis (BSE: 526299; NSE: MPHASIS), an Information Technology solutions provider specializing in cloud and cognitive services, today announced that, Mphasis Wyde, has been recognized as a Challenger by Gartner in the Magic Quadrant for Life Insurance Policy Administrations Systems, North America. Mphasis Wyde is a global end-to-end Insurance Policy Administration System, a multi-language, multi-currency solution that can be deployed ‘on premise’ or ‘on cloud’.
The report states that “Challengers have the potential to be in the Leaders quadrant as they continue to broaden their offerings and appeal while also continuing to grow and execute on their vision”. As per the report, which evaluated 15 vendors, “The pace of policy administration system adoption by life insurers in 2020 continued uninterrupted despite COVID-19. North American life insurance CIOs can use this research to identify vendors that are most relevant to their future.”
Furthermore, “According to Gartner’s Innovation in Crisis Survey, 37% of life and annuity respondents indicated that they were increasing spending on core systems. Additionally, 17% of life insurance respondents to Gartner’s 2021 Financial Services Technology Survey indicated that they are adopting a policy administration system. “
Mphasis Wyde owns Wnysure Platform, with which the company brings a perfect blend of domain expertise, technical excellence, business intelligence and customer experience management, setting them apart from the competition.
Mphasis award winning Front2Back™ Digital Transformation approach focuses on creating through differentiated experience within the Insurance value chain though improvement of business and operational KPIs.
“To be recognized as a challenger by Gartner’s Magic Quadrant for Life Insurance Policy Administration Systems, North America this year, is highly gratifying. At Mphasis, we empower our clients to digitally accelerate their businesses by creating differentiated experience within insurance value chain.” said Elango R, President North America – New Clients Acquisition, Mphasis. “Mphasis Wyde’s unique Wynsure Policy Administration solution enables end-to-end functional value chain across a broad range of Life and Health Insurance products. We will continue our commitment towards our customers and the industry in building the future of insurance with next generation SaaS solutions.” He added.
Gartner analysis also noted that “Insurance companies are now entering the third phase of pandemic renewal in which they resume their strategic path toward digital transformation. In this phase, business priorities will shift dramatically as the focus moves from cost cutting, to cost optimization, to business renewal. In the renewal phase, insurance companies position for their strategic future and begin again to consider transformative change as opposed to simply optimizing existing business processes. CIOs should be evaluating policy administration system (PAS) replacement within this context.”