When choosing a policy administration system, insurers are looking for the ability to make as many changes as possible through "rules and tools"-based configuration rather than code-based customization.
"Configurability is seen as table stakes for policy administration and most other core systems as well," says Donald Light, senior analyst in Celent's insurance practice.
"For years, product and marketing departments wanted to control their own destiny—manage rating, regulatory, and other product changes independent of IT," says Dan Colarusso, senior vice president and CIO of Cypress Insurance Group. Gaining that control is a driving force behind the company's in-progress migration from multiple systems currently managed by a BPO to a single SaaS-based version of MajescoMastek's STG suite.
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