6May-June 2017CIOReview's circulation is audited and certified by BPA International (Audit Pending). Copyright © 2017 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.MAY-JUNE 2017Mailing AddressValleyMedia, Inc.44790 S. Grimmer Blvd Suite 202, Fremont, CA 94538T:510 230 0396, F:510-894-8405May-June 2017, Vol 03 Issue 03 Published by ValleyMedia, Inc. To subscribe to Insurance CIO OutlookVisit www.InsuranceCIOOutlook.com Managing EditorPamela MorganEditorial StaffSalesAaron Pierce Akanksha MinzJoshua Parker Alex D'SouzaAva Garcia Sarah FernandesVisualizerStephen ThomasPolicy Administration SpecialPhilip Paulphilip@insuranceciooutlook.comEditorialPamela MorganManaging Editoreditor@Insuranceciooutlook.comThe insurance industry is transitioning at a tremendous speed, compelling insurers to gauge the impact of recent advancements and streamline their operations in line with those. However, with legacy systems, product development cycles are getting longer, maintenance costs are getting higher, and processes, inflexible. Insurance companies need to overcome these challenges and launch products faster, while being customer-centric, and compliant to regulations. A major part of this involves transforming their policy administration systems that currently encompass numerous disparate systems. However, transition to an advanced policy administration system is a complex task that requires building a compelling business case. It surely secures agility for an insurance firm; however brings multiple challenges along the way--from developing a business environment (based on the assessment of current capabilities) to drawing up a focused implementation roadmap (that aligns with your objectives), and ensuring a clear execution framework. A well-defined transformation in policy administration is a complicated journey, but once achieved, it can automate the entire policy lifecycle, enhancing efficiency and flexibility in business processes. An updated policy administration infrastructure acts as a catalyst to solve the people and process issues that encumber speed to market. These systems can also improve product management and streamline underwriting, while helping expand the distribution channel. Through the enhanced efficiencies, carriers will be able to compete for the highest value customers and retain the profitable clientele base. With a major section of the industry actively evaluating the available policy administration systems, a myriad of software vendors are coming up with advanced offerings that have avant-garde capabilities and ease of implementation. These innovative systems not only allow carriers to gain flexibility, but also assist them in organizing their data for business analytics--which is a revolutionizing aspect of modern policy administration. Carriers that refrain from adopting the next-gen policy administrations systems, will face the risk of losing market share. To help insurers meet the growing demands, Insurance CIO Outlook presents to you a special edition on Policy Administration. Let us know your thoughts.A Future-proof SystemPamela Morgan*Some of the Insights are based on the interviews with respective CIOs and CXOs to our editorial staff
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