Benefits of a New Policy Administration System – Deloitte
Article Synopsis :
Many P&C carriers embark on policy administration system (PAS) transformation initiatives with a focus on ‘going live.’
In “Benefits of a New Policy Administration System: Why Going Live is Not Enough”, Deloitte outlines reasons for aiming higher, deriving value from new data and analytics capabilities embedded and often overlooked in the PAS transformation process.
Many P&C insurance organizations are modernizing their PAS and related applications in order to enhance the effectiveness and efficiency of their underwriting units. While the PAS itself can move companies towards this goal, they will fall short if they don’t also explicitly address their unique data and analytics needs throughout the PAS implementation process. Three key challenges include:
- Accumulate: Make data accessible from disparate sources to be analysed
- Analyse: Transform large sets of data into insights and knowledge
- Actionable: Take profit-making and expense-reducing actions based on delivered insights and knowledge
The article includes deep dives on these three areas plus an illustrative data architecture diagram useful to technologists and non-technologists alike. There is also a primer on the three types of analytics – prescriptive, predictive, and descriptive – and their application to P&C operations.
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Digital Insurer's CommentsInsurance professionals agree that data is a key asset. Underwriting, actuarial, claims, marketing, and finance all derive new forms of value from data through the application of analytics. Unfortunately, most companies underutilize data assets for a variety of complex reasons.
With legacy PAS systems proving to be a nonstarter in the emerging digital economy, P&C carriers are upgrading to more flexible and configurable PAS options.
Make sure new PAS implementations also solve old data problems, namely fragmentation of data and mismatched data formats. PAS transformations rightly done bring new efficiencies and new insights to your business.
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