What does the future of Policy Administration look like?
We asked Kate Cordell, Director of CGI Insurance Practice, for her expert prediction.
“The monolithic Policy Administration System (PAS) is dead! Long live the data warehouse, and an ecosystem of solutions that actually work as you need them to!
At least, that’s the future I want to see…
I understand why insurers are loathe to do away with their big, central, long-term PAS. They’ve spent a vast amount of time and money on getting it to work for them (or rather, a vast amount of time and money to work out how they can work with it!) and it stings to throw that away. But, let’s be honest. If you were starting with a blank piece of paper, it wouldn’t look anything like it does now.
Data lies at the heart of insurance. It’s what we use to assess risks, make decisions, agree policies, process claims and sell to customers. So, put data at the heart of your business and surround it with solutions, capabilities and technologies that feed in and out of it, and each other.
We can only get there by being brave and bold, and by not trying to do it alone or on the cheap. We have to work with partners we like and trust, who believe in the change as much as we do and who want to see it work as well as we do too. Moving away from your legacy tech to a data warehouse surrounded by composable architecture and third-party solutions is going to be a great thing – for your business, colleagues and 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.
