March 3, 2022 – Implementing a policy administration system (PAS) is arguably the most complex technology project that life, annuities, and benfits insurers can execute. Many insurance carriers considering a PAS replacement have aging systems or a collection of multiple systems, and they have found those legacy systems unable to meet business objectives for product development, customer engagement, analytics, and/or operational efficiency. Since core systems are replaced infrequently, with many carriers only pursuing initiatives once in a generation, successful execution requires careful planning and effective partnerships.
This Impact Report provides insight into what best practices life, annuities, and benefits carriers need to proactively pursue when considering, executing, course-correcting, completing, or terminating PAS projects coordinated with PAS vendors, integration partners, system implementation resources, actuarial consultants, external testers, and any non-employee staff working on the endeavor.
This Impact Report has 19 pages. Clients of Aite-Novarica Group’s Life, Annuities, & Benefits service can download this report.