The Search for the ‘Modern’ Policy Administration System

Technology futurists have been predicting the demise of the mainframe for years.

In reality, distributed computing has yet to demonstrate its potential in the high-volume world of insurance.

Many insurers are modernising their core systems with a service-enabled architecture and configurable components.

New Role for Policy Admin Systems

Insurers are decoupling functional areas that were once the domain of the all-inclusive policy administration system.

Companies are creating an enterprise-wide repository for product attributes, rules and illustrations to shorten the  introduction process.

Business process management (BPM) tools allow the logic to be defined by the business users, eliminating programming changes.

Developing a Roadmap

Without proper analysis, insurers who add new systems to improve speed to market, can create a complex processing environment.

The IBM zSeries in recent years has become the platform of choice for consolidation in the insurance industry. With specialised processors, the zSeries is respected for transaction management capabilities. CSC’s leading policy admin systems for life — CyberLife, VANTAGE-ONE and Wealth Management Accelerator — run on the zSeries.

“Technology is only part of the equation,” Burris added. “A vendor’s willingness and ability to deliver on system improvements is essential to keeping the system from becoming obsolete.”

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