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FS Viewpoint: Eyes on the Prize

FS Viewpoint: Eyes on the Prize

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Published by PwC
Insurance carriers are making an unprecedented investment in modernizing their policy administration systems and processes. The ability to successfully deliver these policy administration transformation programs will differentiate the winners from the losers and alter the competitive landscape. PwC’s Policy Administration Delivery Framework can help carriers that are seeking to optimize their investment. For more information please visit: http://www.pwc.com/us/en/financial-services/publications/viewpoints/policy-administration-system-transformation-framework.jhtml
Insurance carriers are making an unprecedented investment in modernizing their policy administration systems and processes. The ability to successfully deliver these policy administration transformation programs will differentiate the winners from the losers and alter the competitive landscape. PwC’s Policy Administration Delivery Framework can help carriers that are seeking to optimize their investment. For more information please visit: http://www.pwc.com/us/en/financial-services/publications/viewpoints/policy-administration-system-transformation-framework.jhtml

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Published by: PwC on Sep 19, 2013
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04/14/2014

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 fs viewpoin
www.pwc.com/si
0213172933
Point of viewCompetitiveintelligence A framework for responseHow PwCcan help Appendix
 April 2013
Implementing fast, exible policy administration systems in the P&C
insurance sector
 Eyes on the prize
 
 Point of view
 
3
Point of view
 Executive summary 
In our publication,
 Fire, Ready, Aim…Don’t miss the point of a policy administration transformation
, we discussed the drivers of policy administrationsystem transformation and the need to align operating strategies with theprogram.
1
In this publication, we transition from strategy to execution andinvestigate how to operationalize these goals through the use of PwC’s Policy  Administration Delivery Framework.
We begin by observing that approximately 30%of policy administration projects succeed, 50%are challenged, and 20% fail. And within thatsuccessful category, we propose that one inthree are truly optimized.We will explore the reasons why projects
struggle, looking at the common causes across
implementations regardless of carrier size,geographies, and business model.Furthermore, we identify recent trends in themarketplace that carriers can capitalize on to
increase their chances of success, including:
Commercially available policy software hasmatured in functionality.
Iterative development approaches have
shortened and lowered the cost of change.Finally, we conclude by demonstratinghow PwC’s Policy Administration Delivery Framework will help make your projectsuccessful by focusing on key businesscapabilities that help carriers to differentiatethemselves in the marketplace.
Themes of the framework include:
•
Focus on core delivery capabilities
The ability to deliver on time and withinbudget is driven largely by supplier
management, people and changemanagement, integration/architecture,
program quality and testing, andprogram management.
•
Deliver key business capabilities
The delivery capabilities are table stakes fora successful program. To realize projectedbusiness benets, certain capabilities needto be delivered, including customer and
agent experience, underwriting/rating,
data and analytics, forms and documents,and migration.
1PwC, “Fire, Ready, Aim...Don’t miss the point o a policyadministration transormation,” August 2011, www.pwc.com/si.
 Insurance carriers are making an unprecedented investment in modernizing their policy administration systems
and processes.
The ability to successfully deliverthese policy administrationtransformation programs will differentiate the winners from the losers and alter the
competitive landscape.
 PwC’s Policy Administration Delivery Framework can helpcarriers that are seeking to
optimize their investment.

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