Insuranceciooutlook

Top Insurance Trends To Watch In Policy Administration Systems

Insurance CIO Outlook | Thursday, January 01, 1970

Before companies approve the acquisition and installation of a policy administration system, insurers want technology that interacts smoothly with current solutions to boost agility and speed to market.

Fremont, CA: Early policy administration systems had huge architecture and could only perform restricted functions, with little capacity to interface outside of the back-office or with distribution channels. However, since the flexibility of functionality in these systems has increased with the pervasiveness of the Internet and social media, current policy management systems now face essentially no constraints on distribution routes.

Companies got compelled to create or alter code every time they needed to modify a product or roll out innovations with previous policy administration tools. Companies now want componentizing, flexible connection points with the adaptability that comes with the purchase. Before they approve the acquisition and installation of a policy administration system, insurers wish to use technology that interacts smoothly with current solutions to boost agility and speed to market.

Let's see the top trends you see today across policy administration systems.

  • A Device Agnostic, "Mobile Focused" Strategy

Insurers must serve customers on their preferred device. Future apps will be most effective if they get designed to work smoothly across desktop, tablet, and phone platforms rather than being optimized for certain devices at the expense of others. Previously, the desktop was the driving platform for system development, and mobile needs get treated as an afterthought. Today, the inverse is true. Fortunately, out-of-the-box GUI architecture now includes enhanced capabilities to optimize required screen real estate and design a layout to suit, making device-agnostic solutions much easier to implement.

  • Rule Capabilities 2.0

Policy administration software's solution in the current marketplace leverage rules capabilities to enable carriers to innovate and adapt to evolving market circumstances. Insurers may now reuse previous work, manage multidimensional rule types, and utilize simple rule reapplication to improve system performance, enhance operational efficiency, and build offers based on business needs rather than technological limits.

  • Support for Global Expansion

Extending beyond domestic borders needs policy administration systems that can meet country-specific needs. New regions bring new business and IT problems in terms of market maturity, distribution channel choice, insurance product preference, regulatory regulations, and consumer behavior. As the distribution mix varies in response to customer and regional variety, adaptive policy administration tools will assist insurers in quickly responding to these diverse operating environments.

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