Policy administration transformation
Achieving results in a complex ecosystem
Across the insurance technology landscape, there may be nothing as daunting as a policy administration systems (PAS) replacement. In this paper we discuss the seven major issues that can hamper a PAS implementation along with mitigation recommendations.
Seven issues that can hamper a PAS implementation
As the US economy improves and the Property and Casualty (P&C) insurance industry continues to recover, the large-scale core-system replacements that had been postponed earlier are now being revisited. P&C carriers are refocused on these core-system replacements – specifically policy administration – in an effort to compete in the marketplace and grow their business.
And yet, across the insurance technology landscape, there is simply nothing as daunting as a policy administration systems (PAS) replacement. While claims and billing replacements each have their own intricacies, they are relatively straight forward endeavors compared to Policy Administration. The technology ecosystem in which policy administration lives is complex, playing a role in most of a carrier’s functions from core policy functions such as quoting and rating, to broader capabilities such as underwriting, distribution, and customer service.
In Policy administration transformation: Achieving results in a complex ecosystem we discuss the seven major issues that can hamper a PAS implementation along with mitigation recommendations. These include:
- Unclear business objectives
- Changes in business sponsorship
- Insufficient business direction
- Insufficient program stamina and discipline
- Role confusion and skill gaps
- Disparate rule sets
- Estimation inaccuracy