What does the future of Policy Administration look like?
We asked Gary Burke, Transformation Director, Advisor and Founder of RFH, for his expert prediction.
“Over the decades, Policy Administration Systems (PAS) have changed… a lot! Early systems were solely ‘systems of record’, providing basic functionality to satisfy the needs of an insurance company, like writing new policies and servicing or renewing those policies. Customer-centricity was an alien concept, as was data-enrichment, APIs and interoperability. AI was limited (and was just called automation), presenting nothing like the opportunities that now exist, particularly since large language models exploded onto the scene.
Technology has changed unimaginably, but the needs of the customer are still, by and large, the same as they always have been. Customers (individuals and commercial) want to protect the things they value, and if they need to make a claim, they rightly expect to be treated fairly without having to navigate unnecessarily complex processes or satisfy unrealistic demands.
Rightly or wrongly, insurance is seen as a commodity. Therefore, insurers need to differentiate themselves on the service they provide and the value they can add for their customers, and they need the technology that allows them to do this.
So, the future of PAS has to be one of increasing adaptability, flexibility and easy of use; the ability to more easily integrate with other (internal and external) systems and genuinely move towards an integrated and cohesive ecosystem.”
To find out more from the experts on the future of policy administration, download a copy of the Modern Insurance Magazine special Genasys edition.
