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.   

Product configuration enables insurers to share one set of product details, stored in a common database, across enterprise applications.  This eliminates data duplication, reduces errors and opens up new revenue streams at a much faster rate and lower cost.  Carriers can take the first steps today to prepare for product configuration tomorrow.