Vice President – Business Development and Marketing, WaterStreet
What are the drivers behind PAS replacements? How do the integrated functions and analytics-friendly features of these systems help insurers operate more efficiently?
Intense competition, continuous change (including industry and technology disruption), and customer demand for digital channels and self-service:
All of these factors drive PAS replacements. At this point, integrated functions and analytics friendliness are givens. But the really advanced systems offer “headless” (GUI-free) solutions that optimize microservices within layered architectures. This approach fosters differentiation in two ways: By facilitating continuous delivery and deployment, it enables insurers to stand up new products and roll out changes more rapidly. It also provides instant access to the single, comprehensive data source that a carrier needs for risk evaluation and critical decision making.
How do the latest policy admin systems help carriers differentiate their offerings and respond more fully to customers' expectations?
Carriers can earn the loyalty of customers who want to do business anywhere, anytime, by building intuitive portals that promote ever-more-exceptional user experiences. Those customers want to buy, sell, and conduct research via text, email, Messenger … and platforms that are just now emerging. Amid rapidly changing market dynamics, the most successful carriers are the ones able to modify operations and processes quickly and seamlessly. That's where the extreme flexibility of today's advanced policy administration systems pays off. And that flexibility depends on effectively engineered, multilayered software architectures like those that WaterStreet Company employs.