The future of policy administration… from the experts #1

By Modern Insurance Magazine
27 May 2024
Future of policy administration - Caroline Bedford

What does the future of Policy Administration look like?

We asked Caroline Bedford, Chief Executive of EDII, for her expert prediction.

“My first experience of  Policy Administration System (PAS) was as an analyst in the early 1990s, implementing a (very) green-screen system for a Lloyd’s syndicate. It was pretty much a data capture tool. If you knew the magic keystrokes and shortcuts, thanks to days of training, you could just about get data in. However, getting data out in any meaningful way was another matter altogether.

The screens and layouts have improved over the decades, but still, thousands of underwriting assistants have earned their stripes painstakingly entering field after field from slip after slip, endorsement after endorsement from a never-ending stack of paper.

So, what do I want to see from the PAS of the future? Well, I actually don’t want to ‘see’ it. As an end-user, I don’t want to ‘see’ it at all. I want the PAS to evolve from Policy Admin to Policy Assistant.

The future (and present, please) is data-first, not paper-led or paper-lite. A PAS as a way to capture and structure data is crucial – specialist tech companies delivering invaluable, invisible-to-the-eye black boxes, collecting, processing and transferring complex risk, claims and financial data from various APIs, and churning away like a digital insurance brain.

On our devices, easy-access workbenches, apps and dashboards help insurers and brokers to make sense of the data, gaining insights at their fingertips. In my world, the PAS of the future helps humans to make data-led, evidence-based decisions in support of their intuition and experience. No more days of learning shortcuts, and many more days of asking ‘What if? Tell me… More of this… Less of that…”.

To find out more from the experts on the future of policy administration, download a copy of the Modern Insurance Magazine special Genasys edition

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