Jamie Macgregor and Nicolas Michellod November, 2013

EMEA POLICY ADMINISTRATION SYSTEMS 2013 LIFE, ANNUITIES, PENSION, AND HEALTH ABCD VENDOR

VIEW

CONTENTS

Introduction .................................................................................................................... 1

Report Methodology ....................................................................................................... 2

Vendor Profiles ............................................................................................................... 4

Agile Financial Technologies: Agilis Life, Pension, and Annuities .................................... 7

Limited Profiles ............................................................................................................. 13

Agile Financial Technologies: Agilis Health Insurance and Maintenance System ........... 14

INTRODUCTION

This report is part of a series on policy administration systems (PAS) in EMEA, North America, and Asia-Pacific. This report profiles the majority of the life, pension, health, and annuities insurance administration systems available in EMEA today.

This report includes full profiles for the 28 systems that fully met the inclusion criteria described in the “Report Methodology” section of this report. Twenty-one limited profiles are provided for a variety of reasons did not fully meet the inclusion criteria.

This report uses Celent’s ABCD vendor view, which is our standard representation of a vendor marketplace, designed to show at a glance the relative positions of each vendor in four categories: Advanced technology, Breadth of functionality, Customer base, and Depth of client services. Insurers should consider which factors in breadth, technology, experience, and client service are most important to them, and review the detailed profiles in this report to assess vendor suitability.

Like in our last report, vendors continue to make important advances in usability and personalization. Many added or upgraded web based portal interfaces that benefit customer service representatives, underwriters, and different distribution forces. System administration capabilities for configuring products, rules, workflow, document management, and user interfaces have also improved—although, overall, these changes have occurred at more modest pace than improvements for end users. Additionally, the systems profiled continue to add support for new lines of business, particularly group products.

Despite the ongoing economic uncertainty, insurers have continued to renew and/or replace policy administration systems. We believe that these initiatives are necessary to help the industry address growth, service and distribution imperatives. This report should help insurers refine their core systems strategies and, where appropriate, create a list of appropriate vendors for evaluation. Expanded PAS functionality and improved technology means that insurers continue to have a wide spectrum of systems and vendors to consider when they are looking for a solution to fits their needs.

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REPORT METHODOLOGY

CRITERIA FOR INCLUSION Celent’s objective has been to include in this report as many as possible of the leading life/health/pension/annuity policy administration systems being used or actively sold to EMEA insurers.

This report contains two types of profiles: full and limited. The topics covered in both types of profiles are broadly similar; however, full profiles are written with more details and include comments from reference insurers. Additionally vendors with policy administration system written as a full profile are included in the Celent ABCD vendor view; limited profile systems are not.

The four key criteria to be included as a full profile are:

At least two EMEA life, health, or annuities insurance customers in production with the current version of the system.

At least one new sale to one new EMEA life, health, pension or annuities insurance customer within the last 24 months.

Support for and live implementations of at least two lines of business.

Participation by at least two reference customers.

These criteria were designed to maximize the number of systems that can be reasonably expected to remain available (and viable) based on vendor size and strength, maturity of each product and its client base, and other important factors.

The Limited Profile section includes 21 systems that did not meet the criteria for a full evaluation or for other reasons opted to be a limited profile. Although the systems are profiled in a limited manner, the vendors did provide significant information about their offerings.

EVALUATION PROCESS Celent sent a detailed RFI to a broad set of policy administration system vendors. After Celent received completed RFIs, each vendor provided a briefing and demo for Celent concentrating on usability and functionality for everyday users as well as rules, tools, and connectivity issues for IT or administrative users.

Celent also asked at least two references provided by each vendor to complete a survey and/or an interview in order to obtain their view of the system’s business and technology value.

Both the RFIs and the reference surveys provided quantitative and qualitative data that was included in the system profiles. Vendors had an opportunity to review their profiles for factual accuracy but did not influence the overall evaluation of the system or the vendor’s placement in the ABCD Vendor View. Celent of course has retained final authority over the content of the published profiles. Some of the vendors profiled in this report are Celent clients, and some are not. No preference was given to Celent clients either for inclusion in the report or for the subsequent evaluation.

Not all data gathered from the detailed RFI, vendor briefing and demo, and reference surveys/interviews has been included in each profile. Rather, Celent has attempted to

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capture key points and values about each vendor at an appropriate level. Unpublished information remains in the Celent knowledge base and is available to Celent’s subscription or consulting clients.

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VENDOR PROFILES

Each profile presents information about the vendor and solution; professional services and support capabilities; customer base and reference customer feedback; functionality and lines of business deployed; usability, product configuration, and workflow abilities; technology, implementations, and cost; and some summary comments.

Each profile includes a table of available end-to-end components which lists the vendor’s breakdown of its system into components. The profiles also include a list of in production and supported lines of business and the number of clients using the system for those products. Additionally, the profiles include a table of technology options.

Customer feedback was gathered through the use of an online survey. Each customer feedback section includes a diagram that displays the average ratings given to the vendor in the areas of implementation capabilities, post implementation professional services, satisfaction with features/functionality, ease of integration, and system configurability performance. Each average rating includes up to eight underlying ratings scored by the customer on a scale of 1 to 5 where 5 is excellent. Open ended comments regarding the system and the vendor are also included.

Table 1: Client Feedback Ratings Included in Diagram Averages

DIAGRAM AVERAGE (QUESTION ASKED) RATINGS INCLUDED IN AVERAGE*

SYSTEM'S FEATURES AND

FUNCTIONS

(HOW WOULD YOU RATE THE FEATURES AND FUNCTIONS YOU ARE CURRENTLY USING?)

Product Configuration/Management

Illustration

eApplication

Underwriting and Case Management

Billing

Commission Management

Reinsurance Management

Business Intelligence / Analytics

Claims Management

Distribution Management

Trading and Settlement

Custody and Administration

Content Management

Portal

Document automation

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DIAGRAM AVERAGE

(QUESTION ASKED)

RATINGS INCLUDED IN AVERAGE*

EASE OF INTEGRATION

(WHAT HAS BEEN YOUR EXPERIENCE WITH INTEGRATING THE SYSTEM WITH OTHER SYSTEMS, TOOLS, AND DATA?)

Rating systems — if from other vendor

Billing system — if from other vendor

Claims system — if from other vendor

Financial system

Reinsurance system

Other internal applications and databases

External data sources

VENDOR'S

IMPLEMENTATION CAPABILITIES

(IF YOU ARE FAMILIAR WITH THE ORIGINAL IMPLEMENTATION OF THIS SYSTEM AT YOUR COMPANY, HOW WOULD YOU RATE THIS VENDOR IN THE FOLLOWING AREAS?)

Responsiveness

Project management

Implementation completed on time

Implementation completed on budget

Overall project success

Knowledge of your business

VENDOR'S POST-

IMPLEMENTATION PROFESSIONAL SERVICES

(AFTER IMPLEMENTATION, HOW

WOULD YOU RATE THE VENDOR'S PROFESSIONAL SERVICES STAFF IN THE FOLLOWING AREAS?)

Know their own solution

Know the insurance business

Know your insurance company

Responsiveness

Reliability

Cost of services

Quality of services

SYSTEM'S CONFIGURABILITY PERFORMANCE

(IF APPLICABLE HOW WOULD YOU RATE THE CONFIGURABILITY PERFORMANCE WHEN PERFORMING THE FOLLOWING ACTIONS?)

Cloning an existing product to create a new product with overlapping but significantly different functionality

Creating a new product basically from scratch based on standardized

components

Creating/using a user interface for use in a contact center, where queries based on customer name or policy number return all relevant policy data

Creating rules that govern calculation functions and business process flows that are controlled by the system

Source: Celent

*Scale 1 to 5, where 1 is poor and 5 is excellent. Not applicable or no opinion are not included in average.

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Concerning fees, Celent asked vendors to provide first year license and first year other implementation costs (work by the insurer, vendor, or third parties) for two hypothetical insurance companies:

Insurance Company A, a small life insurer, with a DWP of €250 million.

Insurance Holding Company B, with four operating companies, writing business in 5 or more EMEA countries, with a total combined DWP of €2.1 billion.

When discussing insurance customers of the various solutions, the profiles may use the terms very small, small, medium, large, and very large insurers. Very small insurers (Tier 5) have under €100 million in annual premium; small (Tier 4) have €100 million to €499 million; medium (Tier 3) have €500 million to €999 million; large (Tier 2) have €1 billion to €4.9 billion; and very large (Tier 1) have €5 billion or more.

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AGILE FINANCIAL TECHNOLOGIES: AGILIS LIFE, PENSION, AND ANNUITIES

COMPANY AND PRODUCT BACKGROUND Agile Financial Technologies is a global technology services, software product and outsourcing company offering its services within insurance and other industries such as banking and financial services.

Table 2: Agile Financial Technologies Snapshot

COMPANY INFORMATION

COMPANY SIZE €1.6 million in revenues from Agilis life, pension, and

annuities.

160 corporate employees, 70 of whom provide professional services/ client support for Agilis life,

pension, and annuities. Staff average 10 years of experience.

HEADQUARTERS LOCATION Dubai, UAE

POLICY ADMINISTRATION SOLUTION

SYSTEM NAME Agilis Life, Pension, and Annuities

LAUNCH DATE 2008

LAST MAJOR RELEASE v2.3 (2012) Added agent movements, reinsurance, and servicing.

DEPLOYMENT OFFERINGS

SAAS OFFERING Yes, but no clients currently using Agilis life, pension, and annuities with SaaS deployment.

MOBILE OFFERING Yes, Agilis life, pension, and annuities can run on

Apple (iOS), Android, and Windows mobile devices.

BPO SERVICE OFFERING Yes, but no clients currently using Agilis life, pension, and annuities with BPO deployment.

Source: Agile Financial Technologies

SUMMARY Agile Financial Technologies is a Dubai-based IT vendor with offices in New York, Singapore and Mumbai and with implementations on the African continents. Agile Financial Technologies insurance client base represents mainly lower tier insurers (less than €100 million annual premium).

Agilis Life, Pension and Annuities is a package policy administration system leveraging an external workflow engine from an Indian IT vendor called Karomi. Agile Financial Technologies can also offer a few additional components using independent software vendors such as Business Intelligence and Management Information and reporting. The back-office end user interface is articulated around data tables and red-highlighted text in order to navigate insured and policy data fields in a simple and straight-forward manner.

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Agile Financial Technologies is a vendor with full insurance client base located in Africa. The company has managed to meet the nature of the African market and the size of insurers competing in this continent in the recent past and we think that with its Agilis Life, Pension and Annuities system, Agile Financial Technologies has a good asset to expand its client base going forward.

CUSTOMER BASE The following table lists the customer base of Agile Financial Technologies for Agilis life, pension, and annuities in EMEA. Agile Financial Technologies’ target market for Agilis life, pension, and annuities includes Africa, Asia-Pacific, the Middle East, Latin America, and the US. Agilis is an integrated comprehensive solution and so its target market encompasses the entire business cycle ranging from registration to underwriting to designing plans. Agilis plans to expand to Europe and the UK in the second phase of its business plan.

Table 3: Agile Financial Technologies Customer Base

EMEA CLIENTS Total clients in production in EMEA: 6; Total clients in implementation mode: 0

Cameroon/1

Ivory Coast/1

Lesotho/1

Nigeria/1

Togo/1

Zimbabwe/1

NEW EMEA CLIENTS SINCE JAN. 1, 2011 6

MARQUEE CLIENTS Great Nigeria Insurance PLC, Heritage Life Insurance

CLIENTS ON MOST RECENT VERSION OF

SOLUTION

6

Source: Agile Financial Technologies RFI

CUSTOMER FEEDBACK Two Agile Financial Technologies reference customers provided their feedback on the vendor and its solution. One customer generates between €100 and 500 million premiums annually and uses Agilis to support various individual and group life insurance products including term life, annuity, disability as well as income protection, accident and medical insurance. The second customer is a small insurer with annual premium under €100 million and uses the system to support a large spectrum of products in life, annuity, health and pension insurance in both the individual and group categories. Both references have been running Agilis between 1 and 3 years.

As shown in Table 4, the vendor's post-implementation professional services received the highest rating at 4.9 out of 5.0. Reference customers gave their lowest rating, 4.4, to ease of integration and system's configurability performance. One reference client mentioned that business users can extensively maintain and make changes to the system on their own but the other reference mentioned that most if not all changes require the support of IT staff.

On the positive side, one reference mentioned that Agilis “is a fully integrated solution covering the entire business cycle and general ledger with fast, simple and flexible parameters used to create new insurance products and well-defined workflow covering all

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the steps of insurance business, from underwriting to claim management, reinsurance and accounting”. The other reference emphasized the “ease of integration with 3rd party add-ons and flexible integrated document management". On the aspects to improve a reference customer mentioned that the vendor “has to invest more, to capture their local market by fortifying their marketing team and improving on their local country market share”.

Table 4: Agile Financial Technologies client feedback

Source: Agile Financial Technologies customer feedback survey

FUNCTIONALITY AND LINES OF BUSINESS Agilis offers most functionality bundled with the solution or as stand-alone components.

Table 5: High Level Component Availability

COMPONENT

CAN BE LICENSED/

INSTALLED AS

STAND-ALONE COMPONENT

(WITHOUT PAS

SOLUTION)

AVAILABLE ONLY

BUNDLED WITH PAS (NO

ADDITIONAL

COST)

AVAILABLE ONLY

BUNDLED WITH PAS (WITH

ADDITIONAL

COST)

AVAILABLE THROUGH ISV

PARTNER

NOT

AVAILABLE

PRODUCT CONFIGURATION/

MANAGEMENT

ILLUSTRATION

EAPPLICATION

UNDERWRITING AND

CASE MANAGEMENT

BILLING

1

2

3

4

5

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COMPONENT

CAN BE

LICENSED/ INSTALLED AS STAND-ALONE

COMPONENT (WITHOUT PAS

SOLUTION)

AVAILABLE ONLY

BUNDLED WITH

PAS (NO ADDITIONAL

COST)

AVAILABLE ONLY

BUNDLED WITH

PAS (WITH ADDITIONAL

COST)

AVAILABLE THROUGH ISV

PARTNER NOT

AVAILABLE

COMMISSION MANAGEMENT

REINSURANCE MANAGEMENT

BUSINESS

INTELLIGENCE / ANALYTICS

CLAIMS MANAGEMENT

DISTRIBUTION

MANAGEMENT

TRADING AND SETTLEMENT

CUSTODY AND ADMINISTRATION

CONTENT

MANAGEMENT

PORTAL

DOCUMENT AUTOMATION

OTHER (WORKFLOW AND DMS):

OTHER (MOBILE)

Source: Agile Financial Technologies RFI

Agilis life, pension, and annuities supports multiple currencies, as well as multiple languages. The solution supports a double byte character set, and language and currency are set on a single instance.

Agilis life, pension, and annuities supports most protection and annuity products as shown in Table 6.

Table 6: Supported Products

PRODUCT GROUP PRODUCT LINES

LEVEL OF SUPPORT (NUMBER OF INSURERS)

INDIVIDUAL GROUP

PROTECTION Term Life 6 6

Whole Life 6 6

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PRODUCT GROUP PRODUCT LINES

LEVEL OF SUPPORT (NUMBER OF INSURERS)

INDIVIDUAL GROUP

Variable Life 6 6

Universal Life 6 6

Variable Universal Life 6 6

ANNUITIES Fixed Annuities 6 6

Variable Annuities 6 6

HEALTH Short-term disability 6 6

Long-term disability 6 6

Income protection Supported but not in production

Supported but not in production

Long-Term Care 6 6

Accident Insurance 6 6

Critical Illness insurance

6 6

Medical Insurance Supported but not in production

Supported but not in production

Vision Insurance Supported but not in production

Supported but not in production

Dental Insurance Supported but not in

production

Supported but not in

production

PENSION Pension (Defined Contribution)

6 6

Pension (Defined Benefit)

6

Wrap Supported but not in

production

Supported but not in

production

Source: Agile Financial Technologies RFI

TECHNOLOGY An overview of Agilis life, pension, and annuities technology options is provided in Table 7.

Table 7: Technology Options

CODE BASE

FEATURES/FUNCTIONS/SCREENS FOR EVERYDAY BUSINESS USERS

100% Java (Using Oracle Forms)

CONFIGURATION AND DEVELOPMENT 100% Java (Using Oracle Forms)

PLATFORM

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LANGUAGE Java

OPERATING SYSTEMS AND SERVERS Windows Server 2008

Agilis supports Oracle 11i as the application server.

USER INTERFACES

INTERNAL BUSINESS USER Primary interface: 100% browser-based (HTML5)

Secondary interface: 100% browser-based (HTML with flash, silverlight, or similar), Local Java

application, Local .NET application

CONFIGURATION AND DEVELOPMENT 100% browser-based (HTML5), 100% browser-based (HTML with AJAX/Web2.0), 100% browser-based

(HTML with flash, Silverlight, or similar), local Java application, local .NET application.

(Different UI used for test, environment, development,

and production)

DATABASES

PREFERRED OPTIONS Oracle

WEB SERVICES / INTEGRATION OPTIONS

PREFERRED OPTIONS Flat Files

Source: Agile Financial Technologies RFI

IMPLEMENTATION, PRICING, AND SUPPORT The average time to get the first line of insurance live is typically four to six months depending on the integration requirements and the level of configuration required, with second and subsequent lines taking four to six months as well. A typical project team can vary depending on the size of the client, but for an initial implementation the project team would consist of Agile Financial Technologies employees (15%) client resources (75%), and third party contractors (10%). Agile Financial Technologies works with TPA doing claim administration and billing collection.

The main cost in the first year comes from the initial installation and customization, which accounts for 55% of the cost. The remainder is split between the software license (35%), annual maintenance (20%), and training (10%). Agile Financial Technologies prefers a term license model, but also offers perpetual licenses and is willing to consider SaaS and BPO deployment. The license fees are in general based on the number of functional components, the number of concurrent users, the number of named/total users, or a flat fee.

The total cost can vary widely according to the capabilities and available resources of the client, and the overall scope of system use, including the number of components and lines of business. For a typical regional insurance company with 4 lines of business, producing an annual premium of €250 million, typical first year costs would range from €500,000 and €1 million for the initial license and under €500,000 in further client out-of-pocket costs. For a typical insurance holding company with four L/H companies, writing business in five or more EMEA countries, with a total combined DWP of €2.1 billion, a larger license fee between €1 million and €3 million would be charged in the first year, plus €1 million to €3 million in further client out-of-pocket costs. Assuming year one is mainly focused on initial implementation of Agilis life, pension, and annuities, year two maintenance cost is typically 20% of the license fee.

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LIMITED PROFILES

The following sections contain limited profiles of vendors and solutions. The features, functionality, and value offered by these solutions may be equal or even greater than that offered by various full profile vendors and solutions.

There are several reasons why a vendor and solution might have a limited profile, including newness to the EMEA market, a low number of insurers using the system, limited references, or vendor request. In some cases these vendors are well established in EMEA and may even have other systems or older versions of a system that meet the full requirements, but did not have enough insurers yet moved from implementation to production on the current major version of the system being profiled. Although these profiles are limited, they address most of the same topics as the preceding full profiles.

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AGILE FINANCIAL TECHNOLOGIES: AGILIS HEALTH INSURANCE AND MAINTENANCE SYSTEM

COMPANY AND PRODUCT BACKGROUND Agile Financial Technologies is a global technology services, software product and outsourcing company offering its services within insurance and other industries such as banking and financial services.

Table 8: Agile Financial Technologies Snapshot

COMPANY INFORMATION

COMPANY SIZE €1 million in revenues from Agilis Health Insurance

and Maintenance System.

160 corporate employees, 70 of whom provide professional services/ client support for Agilis Health

Insurance and Maintenance System. Staff average 10 years of experience.

HEADQUARTERS LOCATION Dubai, UAE

POLICY ADMINISTRATION SOLUTION

SYSTEM NAME Agilis Health Insurance and Maintenance System

LAUNCH DATE 2011

LAST MAJOR RELEASE v2.3 (2012) Modified the scheme and processing work flow and content to be more aligned to global best practice.

DEPLOYMENT OFFERINGS

SAAS OFFERING Yes, but no clients currently using Agilis Health Insurance and Maintenance System with SaaS

deployment.

MOBILE OFFERING Yes, Agilis Health Insurance and Maintenance System is supported on Apple (iOS), Android, and Windows

mobile devices.

BPO SERVICE OFFERING Yes, but no clients currently using Agilis Health Insurance and Maintenance System with BPO

deployment.

Source: Agile Financial Technologies

CUSTOMER BASE Agile Financial Technologies’ target market for Agilis Health Insurance and Maintenance System includes Africa, Asia-Pacific, the Middle East, Latin America, and the US. Agilis Health Insurance and Maintenance System is an integrated comprehensive solution and so its target market encompasses the entire business cycle ranging from registration to underwriting and designing plans. Agilis plans to expand to Europe and the UK in the second phase of its business plan. So far the company has one client in Zimbabwe: Heritage Life Insurance.

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FUNCTIONALITY AND LINES OF BUSINESS Agilis offers most functionality bundled with the solution or as stand-alone components. Agilis Health Insurance and Maintenance System supports multiple currencies, as well as multiple languages. The solution supports a double byte character set, and language and currency are set on a single instance. In terms of lines of business, Agilis Health Insurance and Maintenance System supports medical, vision, and dental insurance products.

TECHNOLOGY An overview of Agilis Health Insurance and Maintenance System technology options is provided in Table 9.

Table 9: Technology Options

CODE BASE

FEATURES/FUNCTIONS/SCREENS FOR EVERYDAY BUSINESS USERS

100% Java

Using Oracle Forms, which deploys Java Applets to

ensure effective transaction processing capability over the web.

CONFIGURATION AND DEVELOPMENT 100% Java

Using Oracle Forms, which deploys Java Applets to ensure effective transaction processing capability over the web.

PLATFORM

LANGUAGE 100% Java

OPERATING SYSTEMS AND SERVERS Windows Server 2008

Agilis runs on Oracle 11i servers.

USER INTERFACES

INTERNAL BUSINESS USER Primary interface: 100% browser-based (HTML5)

Secondary interface: 100% browser-based (HTML with flash, Silverlight, or similar), Local Java application, Local .NET application

CONFIGURATION AND DEVELOPMENT 100% browser-based (HTML5), 100% browser-based (HTML with AJAX/Web2.0), 100% browser-based (HTML with flash, Silverlight, or similar), local Java

application, local .NET application.

(Different UI used for test, environment, development, and production)

DATABASES

PREFERRED OPTIONS Oracle

WEB SERVICES / INTEGRATION OPTIONS

PREFERRED OPTIONS Flat Files

ADDITIONAL OPTIONS CSV files

Source: Agile Financial Technologies RFI

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IMPLEMENTATION, PRICING, AND SUPPORT The total cost can vary widely according to the capabilities and available resources of the client, and the overall scope of system use, including the number of components and lines of business. For a typical regional insurance company with 4 lines of business, producing an annual premium of €250 million, typical first year costs would range from €250,000 and €500,000 for the initial license and less than €500,000 in further client out-of-pocket costs. For a typical insurance holding company with four L/H companies, writing business in five or more EMEA countries, with a total combined DWP of €2.1 billion, a larger license fee between €1 million and €3 million would be charged in the first year, plus €1 million to €3 million in further client out-of-pocket costs. Assuming year one is mainly focused on initial implementation of Agilis Health Insurance and Maintenance System, year two maintenance cost is typically 20% of the license fee.

Copyright Notice

Prepared by

Celent, a division of Oliver Wyman, Inc.

Copyright © 2013 Celent, a division of Oliver Wyman, Inc. All rights reserved. This report may not be reproduced, copied or redistributed, in whole or in part, in any form or by any means, without the written permission of Celent, a division of Oliver Wyman (“Celent”) and Celent accepts no liability whatsoever for the actions of third parties in this respect. Celent is the sole copyright owner of this report, and any use of this report by any third party is strictly prohibited without a license expressly granted by Celent. This report is not intended for general circulation, nor is it to be used, reproduced, copied, quoted or distributed by third parties for any purpose other than those that may be set forth herein without the prior written permission of Celent. Neither all nor any part of the contents of this report, or any opinions expressed herein, shall be disseminated to the public through advertising media, public relations, news media, sales media, mail, direct transmittal, or any other public means of communications, without the prior written consent of Celent. Any violation of Celent’s rights in this report will be enforced to the fullest extent of the law, including the pursuit of monetary damages and injunctive relief in the event of any breach of the foregoing restrictions.

This report is not a substitute for tailored professional advice on how a specific financial institution should execute its strategy. This report is not investment advice and should not be relied on for such advice or as a substitute for consultation with professional accountants, tax, legal or financial advisers. Celent has made every effort to use reliable, up-to-date and comprehensive information and analysis, but all information is provided without warranty of any kind, express or implied. Information furnished by others, upon which all or portions of this report are based, is believed to be reliable but has not been verified, and no warranty is given as to the accuracy of such information. Public information and industry and statistical data, are from sources we deem to be reliable; however, we make no representation as to the accuracy or completeness of such information and have accepted the information without further verification.

Celent disclaims any responsibility to update the information or conclusions in this report. Celent accepts no liability for any loss arising from any action taken or refrained from as a result of information contained in this report or any reports or sources of information referred to herein, or for any consequential, special or similar damages even if advised of the possibility of such damages.

There are no third party beneficiaries with respect to this report, and we accept no liability to any third party. The opinions expressed herein are valid only for the purpose stated herein and as of the date of this report.

No responsibility is taken for changes in market conditions or laws or regulations and no obligation is assumed to revise this report to reflect changes, events or conditions, which occur subsequent to the date hereof.

For more information please contact info@celent.com or:

Jamie Macgregor jmacgregor@celent.com

Nicolas Michellod nmichellod@celent.com

NORTH AMERICA EUROPE ASIA

USA

200 Clarendon Street, 12th Floor Boston, Massachusetts 02116

Tel.: +1.617.262.3120 Fax: +1.617.262.3121

France

28, avenue Victor Hugo 75783 Paris Cedex 16

Tel.: +33.1.73.04.46.19 Fax: +33.1.45.02.30.01

Japan

The Imperial Hotel Tower, 13th Floor 1-1-1 Uchisaiwai-cho Chiyoda-ku, Tokyo 100-0011

Tel: +81.3.3500.3023 Fax: +81.3.3500.3059

USA

1166 Avenue of the Americas

New York, NY 10036

Tel.: +1.212.541.8100 Fax: +1.212.541.8957

Germany

Marstallstrasse 11

80539 Munich

Tel: +49.89.242.68.581 Fax: +49 89.939.495.21

China

Beijing Kerry Centre

South Tower, 15th Floor 1 Guanghua Road Chaoyang, Beijing 100022

Tel: +86.10.8520.0350 Fax: +86.10.8520.0349

USA

Four Embarcadero Center, Suite 1100 San Francisco, California 94111

Tel.: +1.415.743.7900 Fax: +1.415.743.7950

United Kingdom

55 Baker Street London W1U 8EW

Tel.: +44.20.7333.8333 Fax: +44.20.7333.8334

India

Level 14, Concorde Block UB City, Vittal Mallya Road Banglalore, India 560001

Tel: +91.80.40300538 Fax: +91.80.40300400