Policy Administration Transformation
Achieving results in a complex ecosystem
As the U.S. economy improves and the Property and Casualty (P&C) insurance industry continues to recover, the large-scale core-system replacements that had been postponed earlier are now being revisited. P&C carriers are refocused on these core-system replacements – specifically Policy Administration – in an effort to compete in the marketplace and grow their business.
And yet, across the insurance technology landscape, there is simply nothing as daunting as a policy administration systems (PAS) replacement. While claims and billing replacements each have their own intricacies, they are relatively straight forward endeavors compared to Policy Administration. The technology ecosystem in which Policy Administration lives is complex, playing a role in most of a carrier’s functions from core policy functions such as quoting and rating, to broader capabilities such as underwriting, distribution, and customer service.
In Policy Administration Transformation: Achieving results in a complex ecosystem we discuss the seven major issues that can hamper a PAS implementation along with mitigation recommendations. These include:
- Unclear business objectives
- Changes in business sponsorship
- Insufficient business direction
- Insufficient program stamina and discipline
- Role confusion and skill gaps
- Disparate rule sets
- Estimation inaccuracy
And while no two implementations are the same and each will have its own set of challenges, Deloitte seen enough implementations to help you avoid common mistakes and to address new challenges as they arise.
Picking the appropriate vendor package and implementation partner, and having clear business objectives, scope, and associated estimates and expectations can go a long way toward delivering a PAS that meets its stated business objectives. Given that these implementations are major and infrequent occurrences, it makes sense to provide as much value as possible while the opportunity exists. Deloitte can help your organization provide more than just technology.
Find out how Deloitte can help your organization fundamentally transform and streamline your business process to make more of your Policy Administration implementation.
For more information, download the PDF.