The current abundance of data is placing a demand on insurers to evaluate how well their policy administration systems (PAS) extract, import and synthesize these various information streams. (Shutterstock)
The very notion of what has always been the core operating requirement of an insurer — policy administration — is changing. Today's systems are not your father's idea of policy administration. Data has been knocking on the policy administration system (PAS) door for some time. Now there is an explosion of data and a growing amount of smart data from artificial intelligence (AI) and machine learning (ML). As a result, the venerable PAS is getting a new job description.
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