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Insurance policy administration constitutes the heart of an insurer’s operations. It encapsulates efficient management of the entire chain of insurance services, from the initial quotation, issuance of the policy, to the settlement of claims. Amidst growing competition in insurance landscape, insurers strive to enhance their product offerings continuously, price them flexibly, increase speed to market, reduce indemnity payments, and lower costs. This places immense pressure on policy administration.
However, the insurers still find themselves clinging to the aging legacy systems which have significant operational limitations, hefty maintenance costs, functional laxity and inflexibility to the changing business operations. It thus, calls for a paradigmatic shift towards modern policy administration systems which could not only automate the entire policy administration process, but efficiently streamline labor-intensive interactions, offer easy-to-use interfaces, and have the in-built flexibility to integrate more functions.
As the need grows, a large number of insurtech firms are bolstering the policy administration space with highly advanced systems. This confronts insurers with difficulty finding that right solution provider who could help them successfully define their organizations’ business drivers, unique processes and meet the high-level requirements.
To help insurers navigate this flourishing landscape, a distinguished panel of selectors, consisting of CEOs, CIOs, VCs, industry analysts, and Insurance CIO Outlook’s editorial board have shortlisted the top policy administration solution providers who are at the forefront of meeting the urgent needs of the industry. The listing offers a look at how the solutions 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 Solution Providers - 2018.”
