Taking Policy Administration System Transformation 'One Bite at a Time'
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Overview: Most insurance carriers are placing policy administration system (PAS) transformation near the top of their to-do lists for the coming year, and many of these companies will expect a dramatic change in business results by moving PAS to the forefront of daily business operations. However, it is critical that carriers do not underestimate the operational challenges associated with replacing an existing PAS platform, because it will require changes to nearly every business process and technical system. Applying a phased approach to PAS transformation will help organizations effectively manage risk and achieve value early in the process. A modern, flexible PAS platform will soon be at the core of any successful insurance carrier. With this in mind, we have developed a segmented approach to PAS transformation designed to return incremental value early in the process and mitigate risk factors across the transformation’s long timetable.