As it has been for the past few years, policy administration replacement or extension is the most common top strategic IT project for insurers in 2011. Recent Novarica research shows that more than one-third of midsize insurers across both property/casualty and life/annuity insurers have core policy administration systems projects as their top priority in 2011, along with more than 40% of large property/casualty companies and close to 20% of large life/annuity companies.
Given that this has been a strong area of focus for insurers for the past few years, what is new for 2011? While the general issues are consistent with previous years, there are some areas that have become better understood or achieved a level of prominence that is notable for this coming year.
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