What does the future of Policy Administration look like?
We asked Sharon Brown, Director of the Managing General Agents’ Association (MGAA) for her expert prediction.
“The future is being shaped by technological innovation, notably AI, and an increasing emphasis on fulfilling the Consumer Duty with transparency and customer focus. My insights, drawn from experiences at a Lloyd’s broker and leading an MGA, highlight the transformative impact of PAS on both operational efficiency and customer engagement.
Critical to this evolution is the role of supplier relationships. Trust and reliability in these partnerships are paramount, including our capacity to offer superior service to clients. The synergy between insurance providers and technology partners ensures that PAS are innovative, resilient and adaptable to future challenges.
The integration of AI into PAS, supported by robust supplier relationships, promises enhanced data processing and a revolution in client engagement. This technological leap, combined with a commitment to strong partnerships, is key to navigating the complexities of the insurance sector, ensuring agility, customer focus and regulatory compliance.
As we move forward, the dual focus on cutting-edge technology and cultivating trustworthy partnerships will define the PAS ecosystem. It’s a future where technological advancements and collaboration drive innovation, improve customer experiences and maintain compliance, embodying the true spirit of a customer-first approach in insurance.”
To find out more from the experts on the future of policy administration, download a copy of the Modern Insurance Magazine special Genasys edition.
