The Changing Technology Landscape of Group/Voluntary: A Primer
Celent has released a new report titled The Changing Technology Landscape of Group/Voluntary: a Primer. The report was written by Tom Scales, a research director with Celent’s practice.
The group/voluntary market is undergoing revolutionary change. From new channels, to exchanges, to benefit administration providers, companies are struggling to keep up. This report outlines the technology evolution to stay current and leapfrog the competition.
Many insurers are relying on aging technology. Given the pace of change in the industry, significant investment is required to keep pace, let alone move past their competitors. In the future state, the core PAS will provide interconnections to state-of-the-art portals for each touch point. To truly leapfrog the competition will involve a full-scale transformation project. It will touch every aspect of the organization, be quite expensive, and take longer than expected. There are, however, short-term projects to start on.
“The pace of change in this space is increasing,” said Scales. “We are seeing major transformation projects in numerous companies.”
“This report is targeted at company leadership within an insurer. Hopefully this will help the CIO speed up transformation discussions within the company,” he added.