Several insurance companies are in the process of undergoing a once-in-a-generation business transformation and replacement of core systems, including policy administration systems. As the policy admin vendor landscape has matured over the last few years, there is a growing belief among many insurers that a software vendor solution can solve all of the challenges they face with their aging legacy platforms, and increase their success in a very competitive market.
By replacing or modernizing the legacy systems and doing nothing more, carriers are missing significant opportunities to create competitive advantages, including an improved future state operating model, superior customer experience, enhanced distribution capabilities and re-engineered processes. It is imperative that carriers let business priorities and an industry competitiveness benchmarking process drive the process of selecting a PAS vendor. Too often, PAS teams will begin selecting a vendor without having clearly defined business needs.
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