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Benefits of a new policy administration system
Why going live is not enough
Many P&C insurance carriers embark on core systems transformations, with a focus on policy administration, to enable insurance professionals to more effectively serve customers and provide products for managing personal and business risks. But going live is not enough. What key factors are important for success?
- Policy Administration Systems
- Insurance - Speed to market
- Insurance - Low risk implementation
- Insurance - Advanced analytics
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Going live is not enough
Insurance is a service and knowledge-based business, which means that a carrier’s core systems are instrumental in helping them compete. Many property and casualty insurance carriers are embarking on core systems transformation efforts in order to improve business agility and increase efficiency throughout the risk lifecycle. The success of a core systems transformation project depends as much on business capabilities as it does the technology. In other words, going live with a technology upgrade is not enough.
The role of an actuary in a policy administration system implementation
Insurance is a service and knowledge-based business, which means that access to information and technologies are necessary for attracting and retaining a profitable customer base. Thus, an insurance company's core systems are instrumental in helping to compete for the highest value customers. Many property and casualty insurance companies are embarking on core systems transformation efforts in order to improve business agility and increase efficiency throughout the risk lifecycle. Achieving the desired benefits of a core systems transformation program depends as much on business capabilities as it does on the technology. To develop a technology platform that enables the desired business capabilities, it is important for the appropriate functional resources that understand these capabilities, what needs to be in place to enable them, and the benefits to be gained, to be drivers of the solution.
Speed to market
Building a foundation that enhances profit, market share, and brand value. Understand why updating the policy administration system infrastructure alone won’t solve the people and process issues that can encumber speed to market with new products and changes to existing offerings.
Low risk implementation
Organizations should use a disciplined approach to implementation, which incorporates leading practices, maintains a focus on data use and accessibility, mitigates risk, and reduces implementation effort and cost.
Five common mistakes that can get in the way of a successful implementation
A successful project necessitates the ability to implement and consistently follow a proven and disciplined delivery approach. Deloitte’s experiences, research, and evaluations have revealed five common mistakes to avoid.
- Poor effort estimation
- Weak and reactive project management
- Limited business and IT integration
- Ineffective testing
- A lack of outside perspective
Advanced analytics for better insights
Without foresight into the data needed to support advanced analytics, carriers can fall short of business intelligence objectives. By defining information needs up front, carriers can build a foundation for improved insights generation to guide risk selection, pricing, and other business decisions.