After a relatively quiet couple of years, life insurers are ramping up their efforts to replace legacy systems—policy administration in particular. These deals are notoriously time- and labor-intensive, and extremely costly, yet as life carriers acknowledge the need for organic growth and new business flexibility, they are actively participating in policy admin modernization projects.
Policy administration systems are often considered one of the most interconnected of core systems, so making the decision to modernize or rip and replace is not an easy one. According to a report authored by Matthew Josefowicz, partner at New York-based Novarica, core systems replacement represents a huge and disruptive undertaking that requires significant commitments from the whole organization, including evaluating options, rethinking processes, and managing change.
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