target audience: TECH BUYER Publication date: Mar 2023 - Document type: Tech Buyer Presentation - Doc Document number: # US49909322
Modern Policy Administration Platforms: A Market Glance
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Abstract
This IDC Tech Buyer Presentation provides a comprehensive overview of major policy management systems and their distinctive functionalities and differentiators. It would be useful for insurers that are evaluating different policy management systems and looking for insights into their strengths and weaknesses.
Underwriting in the insurance industry is being revolutionized by the integration of technology and the use of data analytics and artificial intelligence (AI). These advancements enable insurers to assess risk more accurately and efficiently, personalize coverage, and provide customers with self-service options. Modern policy administration platforms are crucial in streamlining underwriting processes, reducing costs, and improving customer experience. The evolving underwriting landscape presents an opportunity for insurers to leverage technology to stay competitive in a constantly changing market.
This research will analyze the latest trends in underwriting and examine the implications for policy management platforms. We will also outline a framework of challenges and key capabilities that insurers will need to consider as they adopt these systems. In addition, we will provide an overview of major vendors in the policy management market, along with a comparative analysis of their products and services.
Major players in the market include established vendors such as SAP, CGI, and Vertafore, as well as new players such as Instanda and CodeObjects. These vendors offer innovative and customizable solutions that can improve customer experience, increase operational efficiency, and enable insurers to launch new products and services more quickly. The market is expected to continue to grow as insurers seek to modernize their operations and stay competitive in a rapidly changing industry.
This presentation covers the following sections:
- Forthcoming insurance underwriting strategy in brief
- Technology outlook for global insurers
- Modern policy administration platform: Insurance framework
- Key solution vendors
- Decision points and wrap-up
By providing insights into the latest developments in underwriting and policy management, this research aims to help insurers enhance their underwriting processes and remain competitive in a rapidly evolving market.