Policy Administration: P&C Plans and Priorities

An SMA Research Report

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Author(s):

Karen Furtado, Partner

Publication Date:

February 10, 2015

Number of Pages:

24

Price:

$1,495.00 USD

This report, part of SMA's series on policy administration trends in the insurance industry, highlights both the progress that insurers have made toward modern PAS solutions and the lessons learned from their experiences to date. The momentum of replacing core systems is still strong, with more than 50% of insurers actively evaluating or implementing a new PAS.

For the past four years, SMA has been tracking trends in policy administration in our research and services with insurers and the entire insurance ecosystem. SMA’s research quantifies the most widely discussed trends in PAS while illuminating new patterns in insurers’ experiences with implementation, both in terms of what drives their success and what surprises they face along the way. With these insights, both insurers and solution providers can approach PAS modernization armed with the knowledge of industry-wide patterns, take advantage of lessons learned, and avoid common pitfalls.

Policy Administration: P&C Plans and Priorities is based on the responses of 41 P&C personal and commercial lines insurers that responded to SMA’s Key Trends in Policy Administration survey in late 2014. The report, which covers P&C insurers in North America:

• Identifies the prevalence and momentum of PAS modernization projects in today’s market
• Highlights the most common factors in insurers’ decisions to modernize their PAS, including key business drivers and pain points
• Investigates the unanticipated challenges insurers have faced post-implementation, both in regard to the software/solution providers and the internal challenges within their organizations
• Reveals the central role of product configuration capabilities and gaps in business functionality
• Tracks the rising acceptance of PAS solutions deployed in the cloud

Figure 1 is an example of research insights from the report, showing the current state of modern policy administration adoption.

 

 

 

 

 

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