The economy may continue to tread in rough waters, but that's not stopping carriers from moving forward with plans to replace, consolidate or augment their aging policy administration systems. Insurance technology analysts agree that there has been a surge lately in plans to invest in these systems, which serve as the core repository of policies and processes that support product configuration, rating, underwriting and customer service.
Frank Petersmark, former CIO of Amerisure and current CIO advocate with consultancy X by 2, has seen the challenge of managing aging policy administration systems firsthand. "Policy admin systems have been slow to change," he agrees. "That's because insurance carriers have had to put a lot of customization into their policy admin platforms-to the point where often those systems aren't even recognizable anymore from their original state. Carriers have also built big and hairy maintenance and support teams around these platforms."
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