Large-scale policy administration system (PAS) replacement projects are being revisited as the U.S. economy improves and the P&C industry recovers, according to “Policy Administration Transformation: Achieving results in a complex ecosystem,” a white paper from Deloitte Consulting LLP.
According to the research, 40 percent of mid-sized carriers, and more than 25 percent of large carriers are currently implementing a policy administration system or planning a replacement project.
Policy administration systems are central to insurance operations and touch virtually all of a carrier’s functions, such as such as quoting and rating, underwriting, distribution and customer service. As such, they are enormously complex and require multiple integration efforts.
Deloitte found that many current policy administration systems are decades old, expensive to support and maintain, and do not scale quickly enough to support growing businesses or the increasingly sophisticated expectations of customers and agents.
The paper examines seven major issues that can hamper a PAS implementation, including:
The authors conclude by stating that PAS implementations are complex projects; that no two are the same, and that each will present a unique set of challenges.
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