In recent years, with innovative, contemporary technologies, insurance policy administration has exceptionally advanced, producing flexible solutions. As a result, insurers acquired advantages such as novelty, improved customer experience, and reduced efforts, encouraging them to offer modern insurance products, better through agencies. The comprehensive developments have significantly influenced the sale and purchase of insurance in the market. Similarly, by migrating to cloud-based platforms, companies and agencies are amending policy administration. As the cloud brings resilience in applying new applications, it further reduces operational and IT expenses as mostly everything is managed on a cloud server. While saving time and capital, companies secure scalability and continuity utilizing custom-made features and disaster recovery options. Also, the prompt shift to microservices has expanded along with cloud computing. It can be called a development strategy that employs many readily deployable applications, further contributing to a full-scale enterprise application.
Further, today’s consumers use mobile devices for various reasons and benefits. Thus, a mobile-focused approach for any technology can help fulfill customers’ demand for services irrespective of their place and time. Besides, insurers are trying their level best to serve users as per their choice of devices. For instance, applications related to policy administration will be successful in the future when they are designed to be used without a hitch across smartphones, tablets, and computers rather than clocking with a limited set of devices. On the flip side, policy administration solutions were once used to promote a rule-based system to keep it distinct from the rest of the market. At present, all major systems include rule-based functionality, including insurance business and underwriting norms.
It is also worth mentioning that insurance carriers are expanding beyond their local regions to look into markets having expansion possibilities. In order to gain profitability and growth, several insurers are planning to spread business overseas. Therefore, a tailored, cloud-based insurance policy administration system alongside microservice architecture can rule out the demand for an overhaul of the entire system. Also, carriers can continuously take advantage of the administration system they are currently using by just substituting time-taking and costly functions such as document production, rating, or extending the same to partner platforms.
To gain the advantages of such technological advancements has compelled organizations to adopt policy administration solutions and services. This edition of Insurance CIO Outlook has compiled a list of leading policy administration solution and service players to help companies navigate the best-of-breed service and solution providers. The enlisted organizations are transforming processes and services at the convergence of several disruptive technologies. Besides, the magazine also comprises insights from thought leaders in the sector on the industry trends, best practices, recent innovations, and their advice for the aspiring CIOs.
We present to you Insurance CIO Outlook’s "Top 10 Policy Administration Services Companies - 2021."
