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Building the Business Case for Policy Administration Replacement

Proof-of-Concept Done Right: Mitigating the Risk of Policy<br/>Administration System Migrations

How can insurers build an
effective business case for policy administration system replacement?
Insurance & Technology
magazine recently asked a virtual roundtable of insurance industry experts, including Denise Smieja, Securian Financial Group, and Roger Soppe, Oracle Insurance, to weigh in on this hot topic and share recommended best practices for
success.

In discussing Securian Financial Group’s
successful policy administration transformation project, Smieja
explained that the carrier’s business goals for new product development focused
on flexibility and the ability to rapidly develop innovative, market-standard
products—capabilities that were lacking in Securian’s previous legacy system.

“One of the critical changes we wanted was a
consistent release cycle for new products,” noted Smieja in the article. “We struggled to introduce one
product per year—we needed to improve that and be able to quickly launch new
products, enhancements and regulatory changes. We are now committed to four
product releases (either new products or enhancements) annually.”

Smieja also advised carriers to gather input from various
disciplines across the company, including IT, actuarial, new business and
in-force administration, when embarking on a request for proposal process. Important factors for consideration when
evaluating a policy administration system include usability, technical fit with
the corporate infrastructure, and configurability to support unique business rules
and processes.

You can learn more about the best practices discussed
by Smieja by reading Securian Financial Group Supports Innovation. You also can read the full article in
last month’s print edition of Insurance &
Technology
.

Highlights of the best practices offered
by Soppe will be covered in an upcoming
Oracle
Insurance Blog
.

Helen Pitts is senior product marketing manager
for Oracle Insurance's life and annuities solutions.

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