The future of policy administration… from the experts #3

By Modern Insurance Magazine
10 June 2024
Future of Policy Administration - Mike Daly

What does the future of Policy Administration look like?

We asked Mike Daly, Director of Intellection Business Intelligence Limited, for his expert prediction.  

“Policy Administration System (PAS)’ is a restricting description. It must enable carriers, MGAs and brokers to be customer-focused, and so perhaps Customer Service System would be more apt?

If embedded insurance is the best answer, then so be it. Customer-focused products like parametric cover are great, alongside the introduction of telematics to prevent accidents, reward good driving behaviour and offer value on premiums. However, all insurers need that core customer element at the heart of a digital ecosystem which efficiently and effectively manages all aspects of the policy lifecycle. If we keep to the description, a PAS can ensure data sharing (fluidity) across the platform in order to interconnect with the whole insurance value chain.

PAS is an enabler of critical success factors to meet the paradoxical challenge of improving customer satisfaction, operational effectiveness and profitability in step. It should have a focus on fast, customer-centric innovation, ensuring data driven predictive analytics and AI are conversational, extractive (even generative), and LLM powered. It should also tackle innovation across underwriting, claims settlement and growth.

Data from the whole insurance value chain is a key success factor for the personalisation of products and services. A modern PAS is a great starting point to innovate faster, compete better, anticipate future trends with constant improvement, and most importantly, to delight customers.”

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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