Itello earns elite standing in Gartner PAS industry report
For the third consecutive year, Itello is the only Nordic vendor qualified for Gartner’s European Magic Quadrant report on Policy Administration Systems.
Stockholm, October 1 , 2020 – Itello, a leading provider of Policy and Administration Systems and digital solutions for the life and pension insurance industry has qualified for the report Magic Quadrant for Life Insurance Policy Administration Systems, Europe. Newly released by technology analyst firm Gartner. This marks the third consecutive year Itello is ranked in the PAS Magic Quadrant.
Among the 50 European vendors reviewed by Gartner for the 2020 report, only nine qualified for inclusion. Four vendors from last year did not qualify and three new did. Itello remains the only Nordic vendor meeting the criteria, which include having a minimum of 12 active customers.
Being named by Gartner to the elite Magic Quadrant group for the third time is a notable achievement for Itello, as our market is still in its formative phase with very few truly established vendors. Our ranking is also important as Magic Quadrant vendors represent some 40% of new business in our market. It confirms that we are well positioned to be the partner of choice for life insurers embarking on digital transformation.
Mats Lillienberg CEO / Itello
In the 2020 Magic Quadrant report, Gartner mentions Itello’s investments for cloud-enabling its software platform and developing a modern SaaS offering. Also covered is the scalability of Itello’s Inca platform, proven by successful large-scale migration projects and customers’ decisions to extend their Inca implementations, adding more products and business lines.
Gartner’s market overview describes a need for European life insurers to modernize their core systems, making them more agile, efficient and resilient. The vendors are responding to this by adding capabilities that go beyond back-office business management. Another driver for innovation and development is customer’s requirements for ease of integration – with vendors responding by adding new web services and REST APIs.
Gartner further sees a growing cloud adoption in life insurance policy administration. By introducing the SaaS offering Itello Live, Itello has laid the foundation for efficient cloud deployment and migration.
For more information, please contact:
Christine Blinke, CMO
Mats Lillienberg, CEO
Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner’s research organization and should not be construed as statements of fact. Gartner disclaims all warranties, express or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.
Itello is the insurtech company committed to the digital transformation of the life and pensions industry. We help L&P providers undertake the safest path through digital transformation, anchored around our specialized Policy Administration Environment products.