An increasing number of insurers are taking on policy administration projects - projects that many in the industry say are 'once-in-a-career' or 'make-or-break-a-career' endeavors. These projects can take anywhere from nine to 24 months when done right, and can drastically change the way a company does business for years and years to come.

As of April 2013, approximately 160 P&C insurers were in the implementation process, according to a report from research and advisory firm Celent. From January 2011 to April 2013, more than 150 P&C insurers and nearly 50 life insurers licensed a new policy administration system, and activity levels have remained high among both insurance sectors and policy administration technology vendors since the firm's first report in 2005.

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