A quick glance at the breadth of vendor offerings affords one a pretty good indication of the centrality of a modern policy administration system to an insurance organization. In addition to being broad, the policy administration market is rapidly evolving as vendors pour R&D resources into their products.

Indeed, a June report from Boston-based Celent that surveyed policy administration solutions from 34 vendors noted nearly two-thirds of them have issued a major release since 2007 that upgraded their technology platform, or broadened their functionality. Much of this work, Celent notes, focuses on providing usability and personalization to the end user as well as more tightly integrating the solutions into service-oriented architectures.

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