Each insurer has its own unique needs, processes, markets and products that require flexibility in today's policy-administration system. The constant changes in the P&C insurance industry, in particular, demand that administration systems be agile and adaptable.
In response, most policy-administration solution providers now highlight the “configurability” of their software. Common claims include speed to market with new products in days versus months, and configuration so easy even a business user can do it. But one needs to ask: Could configuration in the hands of business users be too much of a good thing?
There is no denying that an insurer's business personnel—the underwriters, product managers and their supporting cast—have the closest connection to market opportunities. These people are asked to drive profitable growth and provide insight into how that growth will be achieved.
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