In recent years, as organizations have grown more interconnected both internally and externally, commercial lines carriers have been confronted with a particularly critical challenge: How do they consolidate or upgrade the policy administration systems they have invested so much money in over the years? Additionally, how do they move the functionality and data locked within these systems out to other back office core systems technologies, as well as front office transactions and communications across disparate distribution channels?
As is the case across the industry, commercial lines carriers have been hard at work to make this integration happen. While there are modular suites emerging on the market, a recent study of 20 carriers by Novarica found that most carriers prefer to build on their existing solutions to better integrate them into other operational parts of their businesses.
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