Property & casualty insurance carriers depend on agile and modern IT systems to respond to fast-changing regulations, competitive threats, new opportunities and customer demands.  Policy administration is at the heart of these operations, but logistical challenges and costly risks associated with replacing or consolidating these core systems have prevented mass transformation.  To overcome these challenges, many carriers are looking to accelerate the product development lifecycle through product configuration.

Product configuration—used as a means of centralizing and streamlining product development processes—can be an initial step to policy administration system replacement.  The product configuration vision eliminates adding yet another system to an insurer’s IT infrastructure, leveraging technology innate to existing systems to effectively share product information across all systems including rating, rules, forms, state filing, business intelligence (BI) environments, and more.   

Want to continue reading?
Become a Free
PropertyCasualty360 Digital Reader.

INCLUDED IN A DIGITAL MEMBERSHIP:

  • All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
  • Educational webcasts, resources from industry leaders, and informative newsletters.
  • Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.

Already have an account?


NOT FOR REPRINT

© 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.

PropertyCasualty360

Join PropertyCasualty360

Don’t miss crucial news and insights you need to make informed decisions for your P&C insurance business. Join PropertyCasualty360.com now!

  • Unlimited access to PropertyCasualty360.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including BenefitsPRO.com, ThinkAdvisor.com and Law.com
  • Exclusive discounts on PropertyCasualty360, National Underwriter, Claims and ALM events

Already have an account? Sign In Now
Join PropertyCasualty360

Copyright © 2024 ALM Global, LLC. All Rights Reserved.