Like a pair of shoes, insurers may find that they are most comfortable with their new policy administration systems after a while. Indeed, a new report from Boston-based Celent, “Policy Administration Systems: Building Value over Time,” reviews strategies carriers can employ to glean continuing value from policy administration systems.
“The two basic ways to realize the full value from a new policy admin system are to extend and/or deepen its use," says Donald Light, Senior Analyst with Celent's Insurance group and author of the report. “Extending addresses what kind of business is put through the policy admin system; and from where that business comes. Deepening is a matter of how it is used, and who uses it. There is a great deal of fluidity in how an insurer can blend extending initiatives and deepening initiatives from year to year."
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