Facing a Policy Administration System (PAS) transformation? Learn how to avoid the traps that cause many programs to get off course.
In today’s evolving insurance industry landscape, carriers require a modern foundational system that enables improved market responsiveness and operating leverage. An increasingly mature vendor landscape enables carriers to embark on a policy administration system (PAS) transformation journey with less risk than they had to endure five years ago, thus enabling them to build a sound and realistic business case for transformation.
Large PAS transformation programs are often delivered late or over budget—if at all—as a result of the magnitude, complexity, and above all, poor upfront planning and alignment with key business drivers. To be successful, leading carriers are aligning PAS transformation objectives with the business drivers that most closely support their corporate strategy and operating environment.
Leading insurers are already reaping the benefits of modern and flexible policy administration systems: PAS transformations can directly enable improved operating leverage by eliminating redundant platforms and processes, simplifying existing systems, and reducing underlying cost pressures. They can also improve market agility by increasing customer focus and creating a more flexible platform for quickly responding to customer needs and regulatory requirements.