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The current abundance of data is placing a demand on insurers to evaluate how well their policy administration systems (PAS) extract, import and synthesize these various information streams. (Shutterstock)

The very notion of what has always been the core operating requirement of an insurer — policy administration — is changing. Today’s systems are not your father’s idea of policy administration. Data has been knocking on the policy administration system (PAS) door for some time. Now there is an explosion of data and a growing amount of smart data from artificial intelligence (AI) and machine learning (ML). As a result, the venerable PAS is getting a new job description.

Until the very recent past, carriers did not place the “openness” requirement on their policy admin systems. But the market trend away from a product-centered toward a customer-centered approach that mirrors consumer experiences in other industries has sent insurers back to their drawing boards, and in most cases, into earnest discussion with their PAS supplier. The re-design calls for faster and better data collections and offer management.

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