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In terms of the rip/replace discussion, what type of advice would you offer a carrier with multiple
separate policy admin systems that support separate lines of business? Is a single solution the
answer? If so, is it advisable to begin such a large project in the current environment?
irrespective of the current environment, big-bang, long, rip and replace projects are usually plagued
with uncertainty and risk. How (or how many times) will your company’s strategic direction change
during the course of your project? How will you resource such a large project? How do you mitigate
the inevitable disruption to multiple parts of your business? instead, we suggest smaller, more tactical
objectives that should deliver business value within nine months of initiation. go to market with
specific lines of business or segments, leveraging your new solution as an “attack platform.” Shift your
approach as necessary based on market conditions, incorporating the experiences of each successive
implementation.
Miguel A. Edwards
SVP of Business Development,
Cover-All Technologies, Inc.
What types of new features are available in the policy admin systems today that have a
positive downstream affect on the distribution network and can provide substantial ROI?
As companies look to establish market differentiation, in addition to the flexibility to innovate
products for the insured, carriers must leverage available technology if they wish to add value for their
distribution channel. Leveraging 100% Web 2.0 technology is key to providing the benefits of a user
friendly submission process. Additional features such as straight through processing, importing large
schedules, dynamic input screens, real-time document generation, and Agency Management System
interfaces are not only features found in only the most comprehensive solutions, but features essential
to attracting more business into the channel.
How is the continuing turbulent economy affecting insurer decisions to keep their PAs,
replace parts of it, or implement an entirely new system?
Carriers are realizing that replacing legacy systems helps improve efficiencies and have “
speed-to-market” capabilities, while allowing them to compete in the marketplace with less resources. Whether
in part, or in whole, carriers are looking to more modern systems in an effort to improve not only internal
efficiencies, but also to improve customer service, whether it be to an agent or a direct consumer.
In terms of the rip/replace discussion, what type of advice would you offer a carrier with multiple
separate policy admin systems that support separate lines of business? Is a single solution the
answer? If so, is it advisable to begin such a large project in the current environment?
A single system allows for less maintenance costs, reduced integration complexity and provides a
single point of entry. The key, however, is the consolidation of information into a single reporting source
as a first step in any migration. rolling out a new system upon policy renewal for a smoother transition
allows carrier staff and agents to adjust to new workflows and processes while reducing risk.
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Sean Pitcher
President & CEO,
Maximum Processing
