Clearing the Policy Conversion Hurdle: Life Insurers Share Strategies for Moving Large Blocks to New Systems
Click here to download now
Overview: Why do most life and annuity companies still maintain policy administration systems that are 20 to 30 years old? One of the biggest obstacles they face has very little to do with technology. It has more to do with the difficulty of converting large blocks of policies from the old system to the new one. Unlike property and casualty policies, which renew every six months to a year, life insurance policies can remain in force for 50 years — or longer. Many life insurers have been content to leave these legacy systems alone rather than deal with the complex task of converting to a new system. Due to years of inaction, IT departments are left supporting a wide range of technologies across as many as a dozen policy administration systems. Find out why now is the best time to make decisions about converting to new systems.