What’s Next in P&C Policy Administration Systems

Product Trends/ Reviews
Global

Abstract

Celent predicts the future of policy administration systems over the
next five years.

In this report, Celent discusses the features of policy administration systems that will be differentiators in the marketplace. The report’s primary author is Tom Scales, a research director of Celent’s Americas Life and Health Insurance practice.

The report looks at short-term table stakes, what it will take to stay in the game over the medium term, and, for the long term, ways to lead the field.

This report contains 17 tables.

Celent is a research and advisory firm dedicated to helping financial institutions formulate comprehensive business and technology strategies. Celent publishes reports identifying trends and best practices in financial services technology and conducts consulting engagements for financial institutions looking to use technology to enhance existing business processes or launch new business strategies. With a team of internationally based analysts, Celent is uniquely positioned to offer strategic advice and market insights on a global basis. Celent is a member of the Oliver Wyman Group, which is part of Marsh & McLennan Companies [NYSE: MMC].

Media Contacts

North America
Michele Pace
mpace@celent.com
Tel: +1 212 345 1366

Europe (London)
Chris Williams
cwilliams@celent.com
Tel: +44 (0)782 448 3336

Asia (Tokyo)
Yumi Nagaoka
ynagaoka@celent.com
Tel.: +81 3 3500 3023

Table of Contents

Executive Summary

1

Introduction

2

Short Term: Table Stakes

4

 

Functional/Operational

4

 

Reporting, Business Intelligence, and Analytics Integration

4

 

Modern User Interface Design

5

 

Agent, Prospect, and Policyholder Portals

6

 

Product Configuration Outside of IT Department

7

 

Technology/Architecture

8

 

Cloud-Ready, Single-Tenant, and Multi-Tenant Capabilities

8

 

Open Ecosystems

9

 

Rating Test Tools

10

 

Integrated Workflow Management

11

 

Change Management and DevOps

12

Medium Term: Staying in the Game

14

 

Functional/Operational/Technical

14

 

STP and Partial STP Underwriting

14

 

Real-Time Access to Internal and External Data Sources for Pricing and Underwriting

16

 

Cafeteria-Style Product Selection

16

 

IoT-Ready PAS

17

 

Integration of Automated Image and Video Recognition/Assessment

18

 

Blockchain Payments

19

Long Term — Leading the Field

20

 

Functional/Operational/Technical

20

Changing Implementations

22

Conclusion

23

Leveraging Celent’s Expertise

24

 

Support for Financial Institutions

24

 

Support for Vendors

24

Related Celent Research

25

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