Insurers are continuing to replace their core systems, such as policy administration systems (PAS) to meet their business strategies. It goes without saying that the cost of upgrading core systems has been a driving reason behind the dynamic shift. Most of the insurers today prefer a partner who can not only help in deploying advanced technologies and but save money and time through the delivery of end-to-end services. As the insurance industry reaps productivity gains from the most recent wave of automation, new technologies are significantly enhancing operational efficiencies, increasing revenue opportunities and improving the customer experience.
Early fears about cloud deployments are giving way, and an increasing number of carriers are moving to Software-as-a-Service (SaaS) hosting models. Some carriers are using headless implementations to build their own user interface on top of vended core systems, enabling insurers to use existing functionality while differentiating their user experience. Digital experience platforms (DXPs) are another way that insurers can offer a multi-channel experience while using a low-code (or no-code) vended system. The growth in smartphones and tablets, coupled with cloud computing are delivering constant access to the internet. The explosion of computing power and storage allows the accumulation and analysis of extremely large amounts of data. Advances in Artificial Intelligence techniques, such as machine learning, natural language understanding and intelligent decision-making will allow insurers to advance from using technology for transaction processing to decision-making.
Insurers are also licensing or leveraging tech capabilities from InsureTech startups. On the other hand, insurers can offer a multi-channel experience by availing digital experience platforms (DXPs) by a no-code or low-code vended system. Advanced insurers of the day are using policy administration as a platform where they can introduce adjacent enrichment that well provides information and customer value beyond the advantages of the policy. New hosting methods, growing M&A, and updated user experience platform methods are some of the benefits that can be achieved through PAS. All in all, insurers who can anticipate and plan for change can create their own future.
Our goal with this edition is to feature such service providers who are at the forefront of revolutionizing the Policy Administration space through their top-notch services. We hope this issue of the Insurance CIO Outlook helps you build the partnership you and your firm need to foster technologically driven policy administration processes.
We present to you 'Top 10 Policy Administration Consulting/Service Companies - 2020.'
