Despite heavy investment in policy administration modernization projects, fewer than one-third succeed, half are “challenged” and one-fifth of them fail, according to “Eyes on the Prize: Implementing fast, flexible policy administration systems in the P&C insurance sector,” a report from PwC.

The goal of policy administration modernization projects is to deliver transformative capabilities to the business, PwC said, and carriers are committing unprecedented levels of investment to gain a competitive advantage. But in terms of time, budget and scope delivered, just 30 percent succeed and of that group, just one-in-three realize the full business benefits.

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