Over the past twenty years, insurers cared most about finding efficiencies and increasing speed to market. Today those same motivators still exist but have been superseded by changes in customer expectations, making the need to create a compelling digital customer experience the number one priority for many organizations.
Insurers who don’t make progress on their legacy system modernization journey face the risk of being left behind as the insurance industry is disrupted by digital transformation and increasing customer expectations.
They will be unable to develop new products fast enough, create world-class digital customer experiences, respond quickly to regulatory changes, or effectively exploit their data to generate new business opportunities.
In this eBook, we explore the realities of Policy Administration System (PAS) modernization, revealing the pivotal role it plays in revolutionizing customer experience.
In this eBook you will learn: #
- The CX challenges the insurance industry faces.
- Why legacy systems create a drag on business.
- How policy administration system modernization can help you overcome those challenges.
- How to enhance customer experiences with front-end tools.
Why Customer Experience Matters #
The insurance landscape is evolving at an unprecedented pace, driven by shifting customer expectations. No longer satisfied with traditional interactions, today's customers are demanding seamless, digital experiences akin to what they encounter in other industries. It's not just about policies and premiums; it's about creating memorable, hassle-free interactions that build trust.
The Legacy System Dilemma #
Legacy systems, which have served insurers for decades, have become a bottleneck. These aging systems were designed in an era when digitalization was in its infancy. Today, they struggle to keep up with the need for real-time data, personalized services, and rapid product innovation.
PAS Modernization Challenges #
This eBook reveals the challenges that have slowed the pace of PAS modernization. We explore the risks that keep some insurers from modernizing their systems, delving into key factors like scope, investment, and the complexities of data migration.
The Benefits of a Modern Policy Administration System #
e Learn how modern Policy Administration Systems are the key to crafting world-class customer experiences, increasing speed-to-market, and reducing risks. Unlike their legacy counterparts, these systems are capable of extensive configuration and integration with other systems, making insurers far more agile and enabling them to stay ahead of the competitive curve.
The Path Forward #
Insurers who embrace modernization thrive, while those who resist risk being left behind. This eBook explores the widening gap between innovators and laggards and underscores that the time for change is now. Gain insights into modernization challenges and discover how embracing core system transformation can reshape your insurance business.