For a P&C insurance carrier, there are few more critical strategic initiatives than choosing the right policy administration solution.
Whether the system will administer an entire book of business or only a select few specialty lines, it represents the heart and soul of what an insurer does. A great policy admin solution allows for growth where others only see difficulty, and opportunity in what looks like intractable complexity. Do it right, and you’ll thrill customers, agents, employees – and the bottom line. Do it wrong, and you’re looking at either decades of pain or a multi-million dollar mulligan.
But how do you make the right choice? How can you be sure the system you opt for will deliver the promised features, functionality and ease of use, all without breaking the bank?
The answer lies in the long run.
Think about it: A policy administration system is a long-term investment. You’re not buying it for today. You’re buying it for tomorrow – and hundreds of tomorrows after that. A great solution delivers at every stage, from the first time you meet the vendor through the 15th, 20th or 25th upgrade cycle. That’s where true value – and ROI – come from.
With the long run in mind, let’s takes a look at the lifecycle of a great P&C policy administration solution. We’ll start with the business case for a policy admin system replacement project, then tackle the topics of implementation, everyday use, and upgrades. We’ll help you understand what today’s best solutions look like at each stage, and leave you with questions to ask potential vendors.
Remember: If you’re in a position to select a new policy administration system for your company, you’re making one of the biggest decisions of your professional life. Let’s make sure your colleagues and successors will be thanking you a decade from now.