Imran Ilyas

Insurers are developing different strategies for policy system transformation. Regardless of approach, the odds of success will be improved by answering six core questions

A modernized policy administration platform provides the necessary launch pad for carriers to offer a variety of highly differentiated customer experiences and better respond to complex market demands.In order to meet the demands of customers and agents, carriers can benefit from moving from a policy-centric model and move to a customer-centric one. A modernized policy administration platform provides the necessary launch pad for carriers to offer a variety of highly differentiated customer… Show more

A modernized policy administration platform provides the necessary launch pad for carriers to offer a variety of highly differentiated customer experiences and better respond to complex market demands.In order to meet the demands of customers and agents, carriers can benefit from moving from a policy-centric model and move to a customer-centric one. A modernized policy administration platform provides the necessary launch pad for carriers to offer a variety of highly differentiated customer experiences Show less

Justifying the cost of a policy administration replacement can be a challenge for carriers because some of the benefits are indirect and don't surface until years later. But in the long run, you may find that the indirect benefits have the largest impact on overall profitability.Improved operating leverage will provide the most direct and immediate benefits. Justifying the cost of a policy administration replacement can be a challenge for carriers because some of the benefits are indirect and… Show more

Justifying the cost of a policy administration replacement can be a challenge for carriers because some of the benefits are indirect and don't surface until years later. But in the long run, you may find that the indirect benefits have the largest impact on overall profitability.Improved operating leverage will provide the most direct and immediate benefits. Justifying the cost of a policy administration replacement can be a challenge for carriers because some of the benefits are indirect and don't surface until years later. For this reason, the case for a transformation isn't as straightforward as for other core systems transformations, like claims or billing Show less

The convergence of aging legacy platforms, complex market demands, and a more mature vendor landscape have ushered in a unique period of policy administration transformation where it is possible for carriers to embark on this journey by taking on less risk than before but carriers who misapprehend drivers of their transformation programs risk firing at the wrong target.

Once an insurance carrier has justified the business case for its policy administration system (PAS) replacement, designed a transformation roadmap, selected a vendor partner, mobilized its implementation, and is successfully managing the execution and change, one daunting task remains: The conversion of its book of business onto the new system. While the beauty of conversion may be that it is a one-time effort, the beast is that every single account and/or policy must be touched in order to… Show more

Once an insurance carrier has justified the business case for its policy administration system (PAS) replacement, designed a transformation roadmap, selected a vendor partner, mobilized its implementation, and is successfully managing the execution and change, one daunting task remains: The conversion of its book of business onto the new system. While the beauty of conversion may be that it is a one-time effort, the beast is that every single account and/or policy must be touched in order to effectively complete it. Therefore, an organization should carefully consider what it will take to facilitate a successful conversion effort and minimize the impact on itself, its agency force, and its customers. Show less

Once an insurance carrier commits to replacing its existing Policy Administration system, it is critical that they understand the middle ground between strategy and execution to overcome the many obstacles that stand between their strategic vision and the goal of realizing the benefits of that vision. This blog outlines the challenges, value proposition and key elements an organization should consider when mobilizing the organization for a PAS transformation

Once the business case for a policy admin system has been approved, it is imperative that a thorough vendor selection process is performed. There are several key aspects required for a successful vendor selection, including definition of future state business capabilities, identification of potential vendors, and utilization of a vendor scorecard to select the right partner

After successfully making a business case for transformation, the next major hurdle is determining a sequence for releases. While PAS transformations are complex and take several years to complete, organizations can still see results during the early stages with incremental delivery.

Most insurance carriers are placing policy administration system (PAS) transformation near the top of their to-do lists because a modern, flexible PAS platform soon will be “table stakes” for any successful carrier. However, insurance executives still struggle with clearly explaining and justifying the benefits of what can be a significant investment.

With policy administration system (PAS) transformations at or near the top of most insurance carriers' to-do lists, it is critical for companies to recognize the massive organizational effort required to successfully execute, roll-out, and realize the benefits of a PAS replacement. Because PAS is the lifeline of an insurance carrier's business, undergoing a PAS replacement affects nearly everyone in the organization, as well as agents and insureds. As a result, organizational change management… Show more

With policy administration system (PAS) transformations at or near the top of most insurance carriers' to-do lists, it is critical for companies to recognize the massive organizational effort required to successfully execute, roll-out, and realize the benefits of a PAS replacement. Because PAS is the lifeline of an insurance carrier's business, undergoing a PAS replacement affects nearly everyone in the organization, as well as agents and insureds. As a result, organizational change management is essential to prepare stakeholders for change and ensure the buy-in required to succeed with a transformation of this magnitude.

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