Using Analytics to Improve Policy Administration in The Insurance Industry
With software vendors and system designers touting insurance products that offer nearly every imaginable feature, it’s not surprising that companies expect their insurance policy administration systems to do just about anything. However, what if it becomes essential to incorporate a new functionality as lines of business or products evolve? In many cases, the policy management system can’t be readily modified.
John Lucker, principal, Deloitte Consulting LLP, explores this paradigm in the article, "Technology for Policy Administration: The Cutting Edge" in the January issue of Tech Decisions . John observes that insurance companies should be capable of adapting to the needs and changes of the business by using various analytic tools. In addition, he discusses why in this ever-growing application and enterprise-wide integration of advanced analytics within insurance company operations, the need for fluid and dynamic policy administration systems has become essential.
Read the complete article to learn how the survival of the companies depends on their systems being able to keep up with the times.