Perhaps no portion of the insurance enterprise today receives as much attention as policy administration. By some estimates, there are as many as 40 policy administration software vendors in the insurance space, and there seems to be plenty of work for everyone.
With so many policy administration products and choices on the market, however, which product features are most and least appealing to CIOs and other IT executives who must oversee the use of these systems? In addition, what would they wish for in a policy administration system if they could rub the proverbial magic lamp?
"I see one of two camps of product lines available in the marketplace," says Bill Jenkins, CIO and vice president of information technology at Penn National Insurance. "We did an analysis of 100 policy administration systems providers last year. The first camp is older technology with robust functionality, and the second is newer technology with immature functionality. Any way you cut it, though, it's going to cost you money."
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