The property and casualty (P&C) insurance business has NEVER been more complicated than it is today – new and exciting insurtech is flooding the market; customers demand the instantaneous, personalized and digital service they receive across all other verticals; carriers’ systems must be able to interface with various elements throughout the diverse insurance ecosystem (including chatbots and machine learning); and regulations seem to be constantly changing.
Just as a climber seeking to scale a large mountain cannot achieve her goal without a stable base camp, insurers lacking a modern policy administration system (PAS) will not be able to meet today’s customer and organizational needs (as described above) while staying ready for the quickly evolving future.
During Sapiens’ 35+ years of delivery success around the globe, we’ve developed best practices for PAS implementations. Our experts and personnel understand what makes P&C PAS implementations successful. By speaking to clients and prospective clients about their previous experiences, we also understand what can go wrong. Let’s call these potential missteps “the seven deadly sins of P&C policy administration.”