For any insurance IT executive, nothing is more challenging than migrating, upgrading or replacing a policy administration system. This assembly of functions, files, rules and workflows represent the very core of the insurance business.
Many policy administration systems in place today are a decade old or more, experts estimate, and there's good reason why these systems last so long: It takes a lot of work and resources to upgrade or replace them. And when that does happen, such efforts are "bet-your-career projects," says Frank Petersmark, VP of X by 2 and former Amerisure CIO. "They're that big. Policy administration systems are complex, because they're the gateway for information into an insurance company. It's a risky proposition that requires a lot of work, a lot of money and a lot of time. And you have to do all that while the train is still on the tracks. You can't go to your company and say, 'let's take the next year or two off so we can do the system for you.'"
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