John Pettit co-founded Adaptik and is president and CEO of the company.
Replacing a policy administration system is one of the most important and difficult tasks an insurance carrier will undertake. When projects reach this magnitude, insurers need to recognize the pitfalls and how to deal with them.
Over the years, it has become very clear that consideration needs to be given up front to the classes of rules that are required to support the uniquely complex demands of policy administration. Experience has taught us that multiple rules must be used alone or in combination to provide high performance and maintainable support for complex requirements.
Rule changes are often predicated on other rule changes. But sometimes the order in which they are introduced needs to be changed while one or more are in flight. This fact has created endless bottlenecks in the development and evolution of traditional policy admin systems.