Mitigating the Risk of Policy Administration System Migrations

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Proof-of-Concept Done Right

More and more insurers are recognizing the need to migrate from their legacy policy administration systems to more modern, flexible systems, and interest is forecast to grow in the coming year. There are a number of business needs driving the interest in new policy administration systems, but foremost among them has been the lackluster economy. The past two years have been challenging ones for life and annuity carriers, who have experienced significant erosion of their investment returns. In light of this, insurers are taking a close look at systems that allow them to rapidly enter new markets, exit unprofitable ones, introduce uniquely differentiated products, and support diverse sale channels—all while improving operational efficiency and controlling costs.

To meet their goals for growth and profitability, insurers are looking for adaptive policy administration systems with rules-based product configuration tools that enable agile business practices. The current demand is for flexible, modern systems that deliver speed, reliability and consistency, particularly throughout the product development process.

This brief from Oracle and Capgemini discusses a textbook example of how to do everything right when it comes to migrating to a new policy administration system.