Is the policy admin solution you’re about to purchase really ‘configurable’?
Over the last few years more and more P&C policy admin vendors are claiming that their solutions are configurable. But are you sure what the vendor means by “configurable” means what YOU think it means? At Adaptik, we’ve found that many of our competitors in P&C policy administration space who advertise their products as configurable… Read More
Hurricane threat grows for Florida as Irma gains strength
Florida declared a state of emergency before a possible hurricane strike after Irma strengthened to become a Category 5 storm on its approach to the Caribbean. Irma’s maximum winds rose as high as 175 miles an hour (280 kilometers an hour), the U.S. National Hurricane Center said in an advisory on Tuesday. The storm is located about… Read More
The Benefits of Adaptive Software Development
Prototyping, the iterative modeling of a system, enables users to be actively involved in the development process. The methodology – which provides a working model of the system throughout development – allows errors, missing functionality and confusing or difficult functions to be detected early, reducing risk of sub-optimal ROI on the finished project. At Adaptik, we… Read More
Chief analytics officers on the rise in insurance
As insurers evolve their analytics strategies from gathering information to interpreting data, the appointment of chief analytics officers and data scientists have become more prevalent throughout the industry compared to that of chief data officers, according to a new study by Strategy Meets Action. Currently, 22% of personal lines carriers, 19% of commercial insurers and… Read More
What Makes Our Policy Admin System Different?
(Hint: Look below the Surface) When it comes to a big-ticket item like a policy administration solution, it’s natural for buyers to focus on features and functionality; after all, you’re really concerned with what that new system can DO. But here’s the thing about policy admin: All the major players offer essentially the same basic… Read More
Making the Case for Replacement
Carriers do not take the decision to replace a P&C policy administration system lightly. Nor should they. Deploying a new policy admin solution represents a significant investment of both time and capital. Unless a new line is in play, it’s probably a once-in-a-generation job. No insurer likes doing it, and that will simply never change…. Read More
In the Long Run
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… Read More
Product Management: Getting the Mix Right
I recently had the opportunity to speak at SIIA’s Deciphering Product Management event where there was robust discussion on all things Product Management related. At the end of the metaphorical day, however, the bottom line is a company’s Product Management goal must be to offer the right mix of products to grow their business. There is… Read More
Digital-Focused Insurance ‘Nomads’ Redefining Distribution
A distinct group of insurance customers – called nomads – focused on digital interactions is emerging from the broader population, presenting an opportunity for savvy insurers to develop the capabilities they seek. In contrast with insurance “hunters,” who prioritize price among all else, and “quality seekers,” who are looking for a long-term partner that they trust,… Read More
New Year, New Policy Administration Solution – 2017 Revisit
In 2015, we put out a blog with a similar title to get you thinking about some key considerations for a “resolution” to retire your outdated legacy policy administration solution and to replace it with a shiny, modern solution. While all that advice is still pertinent (and can be found here), 2017 brings more for… Read More