When one considers the data processing picture for insurance companies, it seems clear that the policy administration system (PAS) is the core application that literally impacts every area of the carrier’s operations.
There is no doubt that if you have an outdated, outmoded, inflexible or otherwise poorly functioning PAS, you are at a competitive disadvantage. You can’t get your products to market as quickly as others, you’re not utilizing technology to the fullest, and you find it difficult to expand into new markets. And since the current tight insurance market and sluggish economy shows no real signs of abating, being at such a disadvantage is a very troubling thing. Thus, many insurers are now faced with the question of whether or not they should upgrade or replace their policy admin systems—and whether they should do it now or later.
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