How Can Insurers Get the Most Value from Their Policy Admin Systems Investments?

Policy administration systems consistently appear on the hot list for insurers. As evidenced by all the current activity in the marketplace, there is no question that many insurers are right in the middle of making, or are about to make, significant investment to support policy administration. SMA and Insurance & Technology have embarked on a joint initiative to better understand how insurance organizations are making their decisions and the value that the choices being made are ultimately able to deliver.

SMA experience and research has shown that frequently companies approach technology updates with their eye focused more on the constraints and limitations they want to break free of, rather than the possibilities that a whole new environment could offer. It is crucial to understand what the needs of the business really are. In too many situations, companies push ahead, rushing straight into a vendor selection process before they've done some critical evaluation of exactly which functional capabilities are really required to meet the company objectives.

This SMA and I&T study will give the industry a better perspective on what methodologies and approaches to decision-making and implementation are working best. It will help insurers define what they can do to make sure that implementations are successful in meeting the business and technology needs that align to their strategic objectives.

A summary of the survey results will be reported by I&T in the 3rd quarter. An SMA research report analyzing the complete findings will be available in the same timeframe. Survey participants will automatically be entered into a drawing for an Apple iPad2. To participate in this research, click here.

Karen Furtado, a partner at SMA, is a recognized industry expert in the core systems space.