Based on their research, Novarica analysts estimate that one in three property/casualty insurers, and one in five life/annuity/health insurers are currently planning, evaluating or conducting core policy administration system projects. And, while the reasons each are taking on the task vary, most recent policy administration projects seem designed to deliver capabilities or replace an unsustainable system, not necessarily to reduce costs dramatically, the firm says.
Two reports—“US P&C Policy Administration Projects: Averages and Metrics” and “US L/H/A Policy Administration Projects: Averages and Metrics”—from Novarica document the experience of more than 30 U.S. insurers—P&C and life, annuities and health insurers—that have undertaken core systems replacement projects over the past 10 years.
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