One-third of insurers currently are replacing or plan to replace their policy administration system, according to the recent Novarica Market Navigator reports, which profile 58 property/casualty and 25 life/annuity/health policy administration solutions.
"Property/casualty insurers continue to undertake policy administration projects at a rapid clip, with personal lines representing a small majority of the projects for the first time in a long while,” said Chad Hersh, Novarica partner and lead author of the reports. “But with the commercial market quickly hardening and carriers entering the workers’ comp market in surprising numbers, personal lines may not remain the focus for long."
Life/annuity insurers also are beginning policy administration projects, motivated by the financial crisis and economic downturn, he said.
"Many insurers learned the hard way that product agility and speed to market aren’t just buzzwords but can make a world of difference when trying to quickly enter or exit a line of business or product," Hersh said.
Novarica’s “Market Navigator: US Property/Casualty Policy Administration Systems 2012(Q2)” includes organization profiles, client base, technology stack, functionality and sample user interfaces of 58 solutions.
The “Market Navigator: US Life/Annuity/Health Policy Administration Systems 2012(Q2)” includes similarly detailed profiles of 28 solutions.
"With the vast majority of policy administration systems for P&C and most of the L/H/A systems now being offered on non-legacy platforms, figuring out which solution to use has grown increasingly more difficult for insurers," Hersh said. “These reports are designed to allow insurers to get up to speed on the current marketplace rapidly and narrow down their short lists based on their own criteria.”
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