The transformational nature of policy administration replacement requires careful management of expectations and a thorough understanding of business case elements.
A new Celent report, The Business Case for Modern Policy Administration Systems: Lessons from Early Adopters, explores how emerging policy administration approaches are changing the debate over system replacement.
"This is about culture change as much as it is about technology implementation," says Craig Weber, senior vice president of Celent’s Insurance group and author of the report. "These new tools are compelling, but maximizing their value requires dramatic shifts in IT, staffing, and product strategies.
The report contrasts legacy and modern approaches to help clarify the debate over these tools. It also discusses hard-dollar business case elements, provides a reality check on strategic benefits, and offers observations from the first generation of users of these systems.
"The idea is to help carriers evaluate their options and more accurately predict the potential value that can be derived from modern policy administration investments," Weber adds.
The 24-page report contains three figures and five tables. A table of contents is available online.
Members of Celent's Life/Health Insurance and Property/Casualty Insurance research services can download the report electronically by clicking on the icon to the left. Non-members should contact info@celent.com for more information.
