Policy Admin Transformation
Many insurance companies have grown through acquisitions. The result is multiple and sometimes redundant policy admin systems catering to different products and geographies. Such legacy and disparate systems cost the insurers significant portion of their IT spend. Insurers would transform their policy administration systems for getting a unified view into their exposures, improving operational efficiency, introducing straight through processing, offering a superior customer experience, quicker response, complying with regulatory needs and so on.
Many policy administration systems not only take care of the core policy admin features, but also integrate closely with finance and accounting, product pricing, new product introductions, billing and collections. Replacing a core system such as policy administration requires a complex, mission critical approach. There are various approaches for policy admin transformation such as
- Replacing the PAS by off-the-shelf product
- Replacing the PAS by custom built solution
- Enhancing and integrating the multiple systems through BPM
The decision and approach vary by the size of the insurer, line of business and business objectives.
VirtusaPolaris understands what it takes to plan, design, execute and fully manage a policy admin transformation program. We are experienced with all the touch points necessary to integrate policy administration. We have the consulting experience to improve business and technology processes of the policy administration functions.