Over the last several years, the importance of insurance formed a wave of awareness, taking it from a luxury to a necessity. On this front, it is important for insurance carriers and solutions providers to be at the top of their game. In the insurance arena, policy administration holds a place of paramount importance with its hold on tasks from the quotation stage and issuing the policy, all the way to final settlement. With the power to encapsulate the efficiency of the entire insurance service in itself, policy administration forms the backbone for the insurance carriers.
It is a common belief that the insurance industry is laden with data and yet, lags to adopt technology. This is usually owing to the lack of expertise and data structure in the organizations. With that, the use of conventional methods is leading to more operational cost than most technology-driven companies are spending, with doors left open for human-influenced errors. Before bringing in a solution provider to integrate technology into a legacy system, it is important for organizations to understand which solution to use, data structuring and the outcomes to expect. The involvement of these service providers and consultants can prepare the insurance carrier to embrace change.
As the growth of technology consumes the business world, it is imperative to find the right service providers and consultants to establish a long-term association, and embark on a digital journey. To help insurance organizations maneuver through a fast growing landscape of solution providers, a panel consisting of CEOs, CIOs, VCs, industry analysts, and Insurance CIO Outlook’s editorial board have shortlisted the top policy administration service providers and consultants who are at the forefront of meeting the urgent needs of the industry. The listing offers a look at how the services are put to use, thereby enabling you to gain an in-depth insight as to how they will optimize businesses.
We present to you Insurance CIO Outlook’s “Top 10 Policy Administration Service Providers - 2019.”
