As the economic turmoil continues and markets harden, P&C insurers of all sizes look for ways to invest strategically to quickly enter new markets or launch new products. Insurers will need to replace expensive, inflexible legacy systems with modern rules- and tools-based policy administration systems. These modern systems not only have dramatically lower systems maintenance costs compared to their hard-coded predecessors, but they also reduce underwriting costs by automating previously manual and error-prone processes. Most importantly, though, these systems help insurers achieve product agility and ease of doing business for their producers, both essential to achieving speed to market. They also provide online sales capabilities that exponentially shorten policy application to issuance times, a capability that will attract producers and reduce costs.
However, as important as the solution is, it is equally important that insurers choose the right implementation partner, and be willing to consider the new approaches that come with a modern system. The industry is rife with anecdotes of late and failed implementations, and millions of wasted dollars.
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