Carriers are committing enormous investments to policy administration projects with the expectation that they will be able to differentiate themselves and gain competitive advantage by conducting business in all the fast, technologically enabled ways insureds and producers have come to expect.
In 2011 and 2012, these core processing deals accounted for 27 percent of the 1,475 insurance technology deals signed, second only to infrastructure and financials, according to "North American Insurance Software Deal Trends 2013: Property/Casualty Edition," a report from Celent, a financial services research and consulting firm. In 2012, Celent estimates that North American P&C insurers spent between $330 million and $415 million on policy admin systems and upgrades, and that life insurers spent between $160 million and $190 million.
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