What does the future of Policy Administration look like?
We asked Jodi Cartwright, Chief Commercial Officer at Tint Financial Services, for her expert prediction.
“Policy Administration Systems (PAS) have come a really long way since I started in the industry. One of my first roles at Norwich Union was in the ‘Electronic Trading’ team, and we used to post discs with rating updates to all the software houses, then drive to each physical location to test!
When choosing a PAS, I would expect a platform that is customer (not policy) centric, with easy connectivity to multiple external sources. It should be able to ingest data which feeds into bespoke rating algorithms, tracking customer activity to continually enhance user experiences. It should also build personalised user journeys, harness AI, and more…
As far as the future is concerned, I think the technology that is readily available to most MGAs and insurers today is more than what we are currently capable of exploiting, and this will probably be the case for the next 5 – 10 years. With technology requirements a given, the future of PAS is more about the people behind the platforms, in my opinion. Can they come on my journey? Do they buy into my vision? Can they grow with me? Do they have the same values?”
To find out more from the experts on the future of policy administration, download a copy of the Modern Insurance Magazine special Genasys edition.
