In today’s environment, carriers have an opportunity to transform their business and gain competitive advantage leading into an upcoming market upturn. In a marketplace that continues to be dictated by ever-changing customer needs and their buying behaviors, success for insurers is based on their ability to create more business agility from top to bottom, reduce total cost of ownership (TCO), improve time to market, and increase flexibility across operations.
To address this, insurers have sought to transform one of their most important business capabilities, policy administration (PA). According to Capgemini and Efma’s 2012 World Insurance Report, 67 percent of North American insurers say policy administration transformation is their top priority over the next two years.
Insurers have long sought to minimize the infamous paper trail associated with policy renewals and are now making major headway, taking necessary steps to make these processes seamless and uncomplicated.