As interest in new policy administration solutions revs up, the issues driving carriers decisions are both evolving and increasing, according to industry research. With spending forecasts up, insurers are preparing to put the pedal to the metal in upgrading their systems.
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Although the actual purchasing of policy administration systems by life/health, annuities, and property/casualty insurers has been growing only slowly since last year, the interest level has surged. There has been a significant increase in leading indicators such as requests for information (RFIs). Why would carrierswhich have been avoiding these types of purchases for years, if not decadessuddenly take such a strong interest in policy administration systems? A number of factors have emerged, creating the perfect storm of business drivers for significant growth in policy admin system purchases.
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