6April 2016CIOReview's circulation is audited and certified by BPA International (Audit Pending). Copyright © 2016 ValleyMedia, Inc. All rights reserved. Reproduction in whole or part of any text, photography or illustrations without written permission from the publisher is prohibited. The publisher assumes no responsibility for unsolicited manuscripts, photographs or illustrations. Views and opinions expressed in this publication are not necessarily those of the magazine and accordingly, no liability is assumed by the publisher thereof.APRIL - 2016Mailing AddressValleyMedia, Inc.44790 S. Grimmer Blvd Suite 202, Fremont, CA 94538T:510 230 0396, F:510-894-8405April - 2016, Vol 02 Issue 04 Published by ValleyMedia, Inc. To subscribe to Insurance CIO OutlookVisit www.InsuranceCIOOutlook.com Managing EditorPamela MorganEditorial StaffSalesAaron Pierce Ava GarciaSarah FernandesAlex D'SouzaJoshua ParkerUrmi SenguptaVisualizerStephen ThomasPOLICY ADMINISTRATION SPECIALMary Elizabethmary@insuranceciooutlook.comEditorialPamela MorganManaging Editoreditor@Insuranceciooutlook.comThe policy administration landscape is shifting dramatically. With new challenges inbound, insurers are under constant pressure to reduce underwriting operations costs, while continuing to grow their customer base. Having known for years that their legacy Policy Administration Systems (PAS) are out of date, the changing market dynamics is forcing carriers to consider a more radical approach--deploying a modern foundational system that facilitates improved market responsiveness and operating leverage. It is time for the insurance carriers to pounce on the unprecedented opportunity to transform their business and leapfrog the competition through improved product and pricing flexibility, speed to market, and customer services.Meanwhile, replacing a PAS is nothing short of daunting. While a mature vendor landscape enables carriers to undertake PAS transformations, the implementations are financially and laboriously intensive as they utilize a significant amount of both business and IT resources. The technical complexities further amplify the challenge of streamlining a carrier's processes and simultaneously improving performance. A "rip and replace" approach might be less complex, but it is a long-term inhibitor of business values. But, these obstacles aren't impossible to obliterate. A new breed of technology platforms will catalyze the PAS transformation and enable enhanced business capabilities, like improved product management, streamlined underwriting, and expanded distribution channels.Focusing on these issues, policy administration software vendors have greatly improved their offerings' capabilities and ease of implementation. The new systems allow carriers to realize efficiencies, gain flexibility, and organize their data for business analytics. Carriers that do not adapt to these next-gen systems risk losing the market share while experiencing escalating costs. To help insurers eliminate redundant platforms and processes, simplify existing systems, improve market agility, and create a flexible platform to quickly respond to customer needs, Insurance CIO Outlook presents to you a special edition on Policy Administration. We hope the valuable insights from industry thought leaders featured in this edition will help transform your existing PAS. Let us know your thoughts.A Change for the BetterPamela Morgan
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