Building the Business Case for Policy Administration Replacement
By email@example.com on Sep 12, 2011
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.