Large insurers are spending nearly three times more ($23.5 million) on policy administration system (PAS) projects than midsize insurers ($8.7 million), and both allocate around 50 percent of that for internal services. This data comes from Novarica’s latest report, “U.S. P&C Policy Administration Projects: Averages and Metrics,” which also reveals that insurers that have completed such a project have experienced improvements of more than 25 percent in speed-to-market and data accessibility.
With insurers moving en masse to upgrade policy administration systems (more than 25 percent of large insurers and more than 40 percent of midsize insurers were currently in the middle of a project or planning one as of then end of 2011, according to previous Novarica research), the report attempts to clarify an industry-wide perspective on the projects.
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