How important are workflow management tools within a Policy Administration system? Why?
Our industry is learning to meet consumerdriven demand, which calls for speed and adaptability. Work ow engines can determine what should be brought to bear to make underwriting and pricing decisions using the vast amount of data available. Work ow and rules-based routing are instrumental for quickly sending applicant and policyholder information to the right person for the right decision at the right price.
And, since roughly 25% of the workforce is facing retirement by 2018, existing knowledge bases will evaporate unless insurers automate so the new generation can build on existing knowledge.
Are cloud platforms mature and reliable enough to host PAS systems? If so, what are the benefits of single-tenant versus multitenant implementations?
Major cloud vendors, Microsoft Azure in particular, have been investing billions of dollars in cloud infrastructure and are well positioned to add tremendous value to PAS system deployments. The offerings of IaaS and PaaS empower cost-effective infrastructure exibility and extensibility, meeting the most stringent operational requirements of availability, recoverability, security, on-demand scalability and performance. Furthermore, because the cloud is a virtual multitenant platform in and of itself, each client carrier can share the cost bene ts of the cloud deployment model and maintain the single-tenant bene ts of having a uniquely con gured PAS system to meet their line of business needs.