Many carriers are held back by the constraints of their existing policy administration systems, which can lengthen product development cycle time, increase overhead, lock them into outdated business practices, and cost new business opportunities. To evolve with an ever-changing and often unpredictable marketplace, insurers need to consider adaptive policy administration systems that are designed to be flexible, agile, and maneuverable, so that the system itself is no longer a constraint to new product development.

Product Development for Insurance - What are the Constraints?

Insurance companies face various constraints - from people to processes to systems - when trying to introduce new products and capture market share. In fact, inflexible policy administration systems can be one of the biggest constraints in the "systems" category as insurers have modified and customized them many times over many, many years.