With the drive among carriers to increase productivity and reduce costs, policy administration systems vendors are scrambling to offer products that deliver better return on investment, but insurance IT executives still see room for improvement in those products.
A sampling of such executives, when asked to comment on their likes, dislikes, and wants regarding policy administration systems, raised several issues. While they agree on many points, there are other unique concerns dictated by the size and goals of the individual companies.
Ernie Pearson, director of systems development for SECURA Insurance, praises vendors for creating products that are compatible with industry guidelines or open-based solutions around ACORD and XML standards. "It's important because it gives us more of a common platform for exchanging information from a vendor system to a system we might develop to an agency management system to third-party systems," he states.
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