Survey after survey confirms policy administration replacement and modernization as a top-of-mind concern for insurers. This seems hardly a surprise when one considers the centrality of a well-functioning policy administration system to ensuring satisfactory customer experience. Indeed, with organic growth and new business flexibility at a premium, many recent policy administration projects have been undertaken to deliver new capabilities unavailable with aging legacy systems.
Yet, this search for new functionality is not a risk-free endeavor. As the most interconnected of core systems, policy administration replacement projects are prone to fail. In this light, the question of whether to replace or to instead opt to extend and/or deepen the use of an existing policy admin system is germane. If a carrier does decide to replace, the question then becomes whether to opt for a targeted replacement or to take a more holistic approach that stresses making organizational and process changes alongside technological ones.
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