IntroductionWhile policy administration system investment has increased in the last two years, the 'housekeeping' strategies adopted by many insurers have done little to provide back office functionality to meet future business needs.
With insurers looking to take advantage of the recovering market and with IT budgets improving, policy administration modernization is at the top of the agenda for insurers.ScopeCovers both North America & EuropeAreas covered include business drivers and strategies for policy administration modernizationHighlightsIn the past 5 years, tight IT budgets have limited insurers to cost-effective and low-risk projects such as application rationalization and the reduction of overlapping systems.
These strategies achieved cost cutting objectives and improved efficiency, but are largely considered to lack the capabilities to address long-term business challenges.Whilst rationalization is an on-going process and necessary to get the most 'bang for the buck' from existing applications, it can be seen more of a platform extension strategy and does little in establishing a flexible and agile policy administration capabilityWith the growth in componentized solutions available, the replacement option seems to be somewhat less of a daunting option.
For many carriers, buying into a vendor solution while at the same time avoiding the ``big bang`` route is an attractive option .Reasons to PurchaseGain visibility on the latest developments in the European and North American L&P marketGain market insight to assist in your strategic planning and go-to-market strategy