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Possibilities or Limitations: A New View of Policy Administration System Selection

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 January 19, 2011

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 over 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.

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