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Policy administration system implementations consistently make the ‘A List’ of important projects for insurers every year. There always are a large number of policy administration projects under consideration in the insurance industry—some to handle new lines of business, some to manage processing for new companies—but the vast majority are undertaken...

By Karen Furtado | Updated on December 31, 2010

Policy administration system implementations consistently make the ‘A List’ of important projects for insurers every year. There always are a large number of policy administration projects under consideration in the insurance industry—some to handle new lines of business, some to manage processing for new companies—but the vast majority are undertaken to replace tired existing systems.

SMA research finds that spending in the area of policy administration services is consistently high with more than 53 percent of insurers saying they will either increase investments for policy administration services over the next three years or at least keep them at current levels. Most insurers have many opportunities for automation in the queue. Given the important role the policy system plays as the system of record, it is understandable that many insurers choose the replacement of this core application as a priority project. For some insurers, this is the first major investment they have undertaken in a number of years.

Any departure from the familiar is difficult, but taking a new view concerning replacement solutions for policy administration systems is the first step toward opening a whole new arena that is bursting with potential. It is not unlike the decision that a friend of mine faced recently when his trusty vintage cellphone finally died its final death. He envisioned his needs based on what he was used to doing—making and receiving phone calls—nothing more, nothing less. The salesman informed him of some of the new options that were available with a phone, such as the ability to manage e-mail and even communicate using text messaging—options he had not even considered.

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