James Klauer, vice president of Client Services Technology at Fidelity Investment Life Insurance, weighs in on the rationale and challenges associated with policy administration system replacement in this month's digital issue of Insurance Networking News.
In "The Policy Administration Replacement Quandary" Klauer shared the primary business benefit that can be realized by adopting a modern policy administration system--a timely topic given that recent industry analyst surveys indicate policy administration replacement and modernization will continue to be a top priority for insurers this year.
"Modern policy administration systems are more flexible than systems of the past," Klauer says in the article. " This has allowed us to shorten our delivery time for new products and product changes. We have also had a greater ability to integrate with other systems and to deliver process efficiencies."
Klauer goes on to advise that insurers ensure they have a solid understanding of the requirements when replacing their legacy policy administration system. "If you can afford the time, take the opportunity to re-engineer your business processes. We were able to drastically change our death processes, introducing automation and error-proofing."
Click here to read more of Klauer's insights and recommendations for best practices in the publication's "Ask & Answered" column.
You also can learn more the benefits of an adaptive, rules-driven approach to policy administration and how to mitigate risks associated with system replacement by attending the free Oracle Insurance Virtual Summit: Fueling the Adaptive Insurance Enterprise, 10:00 a.m. - 6:00 p.m. EST, Wednesday, January 26.
Insurance Networking News and Oracle Insurance have teamed up to bring you this first-of-its-kind event. This year's theme, "Fueling the Adaptive Insurance Enterprise," will focus on bringing you information about exciting new technology concepts, which can help your company react more quickly to new market opportunities and, ultimately, grow the business.
Visit virtual booths and chat online with Oracle product specialists, network with other insurers, learn about exciting new product announcements, win prizes, and much more--all without leaving your office. Be sure and attend the on-demand session, "Adapt, Transform and Grow: Accelerate Speed to Market with Adaptive Insurance Policy Administration," hosted by Kate Fowler, product strategy director for Oracle Insurance Policy Administration for Life and Annuity.
Register Now!
Helen Pitts is senior product marketing manager for Oracle Insurance's life and annuities solutions.
