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A new generation of life insurance policy administration systems brings affordable, advanced life insurance technology to smaller carriers.
Cost pressures and continued market uncertainty place heightened demands on small and mid-tier carriers to improve efficiencies across the end-to-end policy lifecycle. A new generation of life insurance policy administration systems, which is affordable to these smaller insurers, enables them to optimize and streamline the policy administration process as effectively as large life carriers.
Now, small and mid-tier carriers can also benefit from a scalable, configurable, end-to-end system that helps them respond faster to business needs. They can define and test new products quicker, thanks to a configurable business rules calculation engine.
Newer policy administration systems also help to keep costs under control because they handle the uniqueness of a carrier’s business environment through configuration rather than coding. They also provide flexibility by enabling reconfiguration for a company’s future requirements.
By keeping an eye on both affordability and functionality, insurers can choose a policy administration system that addresses their needs now and in the future.
November 26, 2012
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