If the leading policy administration software executives were a bit surprised to see a standing-room-only crowd at their ACORD-LOMA Insurance Systems Forum session in Orlando on May 23, it's because they had yet to see results of a general session poll that would occur the following day: a full 46% of voting attendees reported policy administration systems as a high investment priority (see page 10).The topic for discussion for the session, "What Do the Experts Say About Administration Systems?," was finding cost-effective ways to merge systems and reduce complexity and associated costs.
"The big bang of getting to one [policy administration] system is a myth," said Mike Key, president and chief operational officer for Fiserv Insurance Solutions, Cedar Rapids, Ia. "Many of us have many different sized systems. The decision to move is based on the number of staff and costs attributed to your legacy systems environment."
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