Over the past 30 years, the world of automating policy administration in property/casualty insurance has changed a great deal: In the early days of computing, companies built their own; in the '80s, less than a handful of vendors became mainstream; and in the '90s, riding a wave of technology innovation, an assortment of technically astute medium-size and smaller shops decided to try their hand at insurance.
However, except for the truly early days, one thing has remained constant. Modernizing policy administration has lagged behind the insurance business innovation it was supposed to support. That gap has been growing steadily over the last 10 years, particularly among mid-tier insurers.
Although difficult to ascertain accurate statistics–old and even some newer policy processing systems have undergone so many changes even their creators would not recognize them–plenty of carriers still are processing policies on aged systems.
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