Policy Administration Q&A with Drew Birtwistle, Product Marketing Manager, Authority Suite®
INN: How is the continuing turbulent economy affecting insurer decisions to keep their PAS, replace parts of it, or implement an entirely new system?
DB: Insurers are replacing their legacy PAS with product-agile, tools and rules-based systems to rapidly enter new markets and geographies, and easily write new business. To achieve growth, the PAS must have advanced product configuration at its core, enabling concurrent product development and the easy inheritance and re-use of existing product components such as rates, rules and forms from an enterprise repository. Componentized ISO Base Products can be integrated into the PAS to provide the complete ISO product structure needed to tailor product offerings. Automated, configurable workflows facilitate collaboration, balance workloads, track and manage all participants, tasks and approvals within the product development process.
INN: For those who decide to replace all or part of the PAS, how important are flexible, iterative methodologies to providing implementation support?
DB: Flexible, iterative implementation methodologies are very important as they reduce risk, yield ROI earlier in a project and accommodate unique customer needs. One-size-fits-all methodologies often take longer and cost more. Iterative implementation methodologies blend IT best practices with deep insurance expertise and are tightly mapped to a solution’s ability to quickly configure products. A series of smaller-scope, rapid implementations reduce risk and provide stakeholder’s with feedback after each iteration, allowing for constant improvement and early justification of the business case. Iterative methodologies also focus on knowledge transfer, enabling insurers’ staff to become self-sufficient at their preferred pace – minimizing costs and vendor dependency over time.
For additional information, check out the following white papers: True Speed to Market: Product Configuration Must Be At The Heart of Your Policy Administration System OR Industry Perspective: Making the Case For Best of Breed Solutions
About Authority Suite®
Authority Suite, powered by ProductAuthority®, is the most product-agile, rules and tools-based P&C policy administration system that supports ISO Personal and Commercial lines and other lines of business. The “no code” solution has sophisticated product configuration capabilities at the core that enables the fast and easy inheritance and re-use of existing pre-built product components such as company rates, rules, forms and calculations from an enterprise repository to accelerate product development.
Contact:
Drew Birtwistle
Tel: 1.866.226.4546 ext. 2374
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