MAY 20206Copyright © 2020 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.Managing EditorPamela MorganSalesAlena D'Souzaalena@insuranceciooutlook.comContact Us:Phone:510-556-2284Fax:510-894-8405*Some of the Insights are based on the interviews with respective CIOs and CXOs to our editorial staffEditorial StaffAaron Pierce Ava GarciaAlex D'Souza Abhinov PunnakkalJoshua ParkerSarah FernandesEditorialPamela MorganManaging Editoreditor@insuranceciooutlook.comIn recent years, there has been a shift in the insurance landscapes. Policy Administration Systems are rapidly emerging and replacing core systems. While traditional policy administration systems were built in a monolithic manner, the recent developments in internet and social media distribution channels have opened a plethora of options for users. The rapidly transforming digital world has made it impossible to implement a long term policy administration system. These systems are now backed up with regular updates to stay abreast of the changing trends. Moreover, companies today expect more componentized, flexible integration points with out of the box adaptability. These require next-generation integration techniques using decoupled ecosystems and a modular architecture. As a result, agility and speed have become more critical than ever. Traditional administration systems were capable of handling policy issues, servicing appropriate workflow, and product configuration. In contrast, modern designs are equipped with capabilities that extend towards requirements management and automated underwriting, along with other complex capabilities such as data mining and reporting, commission management, and claims. These have been made possible due to various innovations from the web to analytics to mobility and social networks. The cloud has emerged as a significant player across all industries, and an increasing number of carriers are moving towards Software-as-a-Service (SaaS) hosting models. A majority of vendors with SaaS policy administration system solutions offer a single-tenant model to assuage lingering security fears associated with the cloud. Similarly, the InsureTech boom across insurance hubs like Silicon Valley, Des Moines, and New York has also had a considerable impact on policy administration systems. As IT budgets at carriers remain primarily focused on replacing, modernizing, and maintaining core systems, some insurers are licensing or leveraging tech capabilities from InsureTech startups to complement their policy administration system solutions. In an attempt to guide our readers through the rapidly transforming industry, we have compiled a list of some of the most promising companies in the policy administration sector.Let us know your thoughts!Looking at the New Age of Policy AdministrationPamela MorganVisualizerBrian HardingIssac GeorgeMay - 15 - 2020, Vol 06 Issue 05 Published by ValleyMedia, Inc. To subscribe to Insurance CIO OutlookVisit www.InsuranceCIOOutlook.com Email:sales@insuranceciooutlook.comeditor@insuranceciooutlook.commarketing@insuranceciooutlook.com
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