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."
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