Endorsement Solutions for the P&C Insurance Industry
POLICY ADMINISTRATION: RIPE FOR MODERNIZING
Advanced policy administration systems (PAS) are essential for insurers looking to compete effectively in today’s increasingly complex and dynamic market.
Ripe For Modernizing
Policy administration is at the heart of insurance operations. It provides the information that feeds core and secondary systems, such as document management and agent portals. Most insurers know modernizing these systems is an inevitable step on their journey forward, almost two-thirds insurers engaging in evaluating or implementing a PAS modernization initiative.
Many insurers are still experiencing challenges when configuring their systems. This ease of configurability is the number one feature insurers require in a new PAS, but is also one of the top challenges they cite in working with the solutions currently available on the market.
Evolving PAS solutions are adding and enhancing configuration capabilities, but their usability is still maturing.
Insurers are coming to realize they must reorganize to some degree to improve their maintenance processes. The skills and resources that a configuration specialist needs are often assumed to be present within the organization, but are sometimes lacking.