Situation: We are seeing unprecedented investment by small- to mid-sized carriers in policy administration implementations. The convergence of aging legacy platforms, complex market demands, and a more mature vendor landscape has ushered in a unique period in which it is possible for small- to mid-sized carriers to change systems with less risk than ever before. Carriers that do this successfully will be well positioned to leapfrog larger, better-funded competitors thanks to improved product flexibility and timeliness — not to mention lower IT costs.
Complication: Most new policy admin transformation projects are “challenged” and only a small percentage of them realize the full benefits of change. The goal of a policy administration project should not be the implementation of yet another application, but to deliver transformative capabilities to the business.
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