Core processing is a term that means both everything and nothing at once until both "core" and "processing" are put into a business context. However, once defined, it's the heart of the IT organization's mission.
For a managing general agent (MGA), "processing" means a hybrid combination of multi-carrier rating, billing, quoting, underwriting, binding, issuing, endorsing, and accounting. Notice that I'm not talking about "systems" but rather the business areas because it's more important to understand the business than the systems.
What I find interesting is the "core" part. In my days working in the admitted carrier space, I focused on getting quotes out the door quickly, properly, with flexibly configured products, all while dealing with claims. My initial reaction upon joining the MGA space is that the core was the same, but with different value-adds along the chain of the policy lifecycle.
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
