New York — Property/casualty CIOs name policy administration system replacement as their No. 1 priority, according to a recent Novarica survey. The survey results indicate that 38% ranked policy administration system enhancement or replacement as their top priority, and PAS replacement was the most commonly selected No. 1 priority. Life, annuity and health carriers' interest in core systems replacement has grown more slowly, but still at a steady pace over the past several years.
This is the key reason for an exploding vendor population, according to the New York-based research firm. With more than 60 insurance policy administration systems providers now vying for carriers' attention across both property/casualty and life, annuity and health in the United States, the market for policy administration systems has never been so large, or potentially confusing to insurers.
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