Numerous factors are contributing to the widely reported acceleration of investment in new or upgraded policy administration systems in both the P&C and life/annuity insurance segments. These factors include economic recovery, more generous IT budgets, regulatory compliance needs, and new and more viable solutions and technology options. Nearly half-way through 2011, it appears that the growth we saw in 2010 in increased policy admin-related spending is continuing -- a very good sign for the industry, as it signifies confidence, competitiveness, service awareness, and improved technology capabilities.
But are these investments paying off? Are carriers satisfied with their policy administration options? Who is driving the decision to upgrade or replace legacy policy admin systems? Is the vendor community responding to insurer needs with the right kinds of solutions and deliverables?
To find out the answers to these questions and to learn more about what's driving insurance company policy administration strategies today, Insurance & Technology and analyst firm SMA Strategy Meets Action are partnering on a very timely research project. This survey, "Policy Administration Systems: Positioning for the Future," will delve into a number of critical issues related to policy administration-related investments, including business drivers, systems rationalization, selection process, success factors and technology platforms. A summary of the survey results will be reported by I&T in the 3rd quarter. An SMA research report analyzing the complete results will be available in the same time frame. Survey participants will automatically be entered into a drawing for an Apple iPad2. To participate in this research, click here.
Katherine Burger is Editorial Director of Bank Systems & Technology and Insurance & Technology, members of UBM TechWeb's InformationWeek Financial Services. She assumed leadership of Bank Systems & Technology in 2003 and of Insurance & Technology in 1991. In addition to ... View Full Bio