Featured Vendors (april-june) - 2023

In this day and age, delivering products into the hands of customers quickly and responding to their rising demands for transformation have become the cornerstone of success. To thrive in the market and maintain products’ flexibility, insurers are on the lookout for fast launch methodologies, and also configurable systems that can be managed by business users. Previously, conventional policy administration systems were built in a monolithic manner with no attention to collaboration or customer experience, and little to no capabilities to incorporate outside the back-office world. As the insurers hit the accelerator on obtaining modern capabilities, there has been an evident shift in policy administration requirements over the past few years. With growing customer expectations and the necessity of digital transformation, insurers realized that they require a policy administration that is flexible and quick, strengthens efficiency, and can connect to any system quite easily.

Not to mention, many modern technologies are common in the market today that will boost return on investment for carriers. Additionally, embracing technologies such as Robotic Process Automation (RPA) will command process optimization and reduce costs. Artificial Intelligence (AI) will improve automated decisionmaking and the binding process. Advanced analytics and data are single-handedly modifying the power of understanding a carrier’s book of business, identifying exposure, and informing actions needed to increase revenue.

Similarly, there are numerous other emerging technologies carriers can take advantage of, such as machine learning, the Internet of Things (IoT), and others, as well as insurtech services. These rising technologies are forcing insurers to shift towards a new level of transparency and innovation in their systems. The journey towards expanding product capabilities, leveraging new distribution channels, penetrating new markets while upgrading efficiency and reducing costs, is being encouraged by these innovations. Moreover, policy administration should stay apace with these trends and open their architectures to enable the smooth incorporation of new technologies and services.

In this edition of Insurance Business Review, we bring you the top 10 policy administration solution and service providers that transform the industry. This edition features insightful articles that emphasize on the manifold benefits of using the latest technologies for better results.

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