In the past, policy administration systems were developed based on a carrier’s requirements at a specific point in time. These requirements were determined and given to developers, who then worked to get the system into production. Typically, little thought was given to how often and in what ways these requirements might change over time.
Of course, changes inevitably began to propagate once development was finished. And because traditional policy admin systems weren’t equipped to easily accommodate change, both major adjustments and minor tweaks were slow in coming — hampering initiatives at all levels.
Avoiding such situations is at the heart of modern, configurable P&C policy administration solutions. Competitive companies must react to market demands almost instantaneously. That’s why it’s essential to allow for unplanned changes in such a way that facilitates timely, cost-effective reactions.
Change happens. It could be a regulatory edict, the desire to limit exposure by suspending a particular product, a response to a disaster, an adjustment to the UI, or switching third-party data service providers. Whatever the change, a policy admin system must be architected with response to both common and completely unexpected changes in mind.
And that’s exactly how Sapiens’ P&C policy administration solution was built. Eminently configurable, our offering was designed with the future in mind — any future. Whether in the context of the initial implementation or long after production, it allows carriers to make any necessary change quickly, efficiently and inexpensively.
Thanks for reading the last entry in this blog post series! For information on all the P&C policy admin sins, please check out my white paper: The Seven Deadly Sins of P&C Policy Administration.