Operating results are deteriorating. Investments arent producing. Customers are more willing to switch carriers for a better deal. Cutting costs (especially in claims) is one way to improve the bottom line, but there are others.
The policy administration system is the heart of the insurance process, and insurers are more focused than ever on improving its efficiency. But the poor economy has meant shrinking budgets, so instead of considering a replacement system, IT staffs are looking for ways to leverage existing investments to achieve that efficiency.
[C]ompanies arent willing to spend the money to improve policy administration, said John Johnsen, managing director at TCi Consulting and Research. Business people dont see it as money that IT needs to spend on their behalf.
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