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With the economic upheaval of the past two years slowly receding, life and annuity carriers are looking at current and future market opportunities and making plans on how to capitalize on them. To successfully compete, insurers must be ready to seize market opportunity as it arises: ready to rapidly enter new markets, exit unprofitable ones, introduce uniquely differentiated products, and support diverse sales channels – all while improving operational efficiency and controlling costs. To this end, many insurers are taking a closer look at their existing IT infrastructures, which often don’t align with the goals of being adaptable, flexible, and able to respond quickly to market change.

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policy administration systems, which can lengthen product development cycle time, increase overhead, lock them into outdated business practices, and cost new business opportunities.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?

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