Insurance: Trends in policy administration; Vertical and technology trends
Carriers have known for years that their legacy policy administration, claims and billing systems are out-of-date, but have largely worked around them with manual processes and one-off technology efforts. However, today's competitive environment, pricing pressures and changing market dynamics are forcing insurance carriers to consider a more dramatic approach. This has resulted in a move to replace the full suite of applications carriers have been currently using to run their businesses. As a result, the new systems allow carriers to realize efficiencies, gain flexibility and organize their data for business analytics. Carriers that do not adapt risk losing market share while experiencing continually escalating costs.
- The insurance industry is currently witnessing a transition that is compelling insurers to take a step back to gauge the impact thereof on their operations. One such trend that has gained prominence among insurers is the consolidation of systems within business processes. This trend has caused carriers to transform their policy administration function, which comprises numerous disparate systems that facilitates the functioning of back office operations.
- The ever evolving technology landscape is giving customers numerous channels to choose from in order to interact with insurers. The increased penetration rate of digital channels such as mobile, e-commerce, and internet, is now giving insurers the opportunity to reach millions of uninsured people.
- In order to establish a digital business model such as the one cited above, insurers are strategizing and working towards instituting alliances with ICT vendors and firms from other industries (such as automotive industry).
Current Analysis’ Vertical Focus Report - Insurance: Trends in policy administration depicts the business challenges faced by the insurance sector in the policy administration domain along with the recent demand side and supply side trends in this functional area. The report outlines the evolution of the policy administration domain and identifies the key opportunity areas for the ICT vendors. This report also presents Current Analysis’ view of the revenue opportunities in policy administration domain through to 2019, highlighting the market size and growth by geography and business function.In particular, it provides an in-depth analysis of the following:
Reasons To Buy
- The latest trends impacting the insurance sector’s policy administration market.
- The market trends (both supply-side and demand-side) that will facilitate the growth of the insurance sector’s policy administration market.
- The technology evolution of the market and vendor opportunities
- The market inhibitors that may hinder the pervasive adoption of policy administration among insurers.
- The primary findings from Current Analysis’ view of revenue opportunities in the insurance sector’s policy administration market through to 2019, highlighting the market size and growth by function and regions.
- An identification of banks’ IT budget allocation and IT priorities relating to policy administration.
- Understand the insurance sectors’ landscape, the recent trends, and inhibitors shaping the insurance sector’s policy administration market.
- Comprehend the insurance sector’s policy administration market evolution.
- Enhance your market segmentation by analyzing the revenue opportunity forecasts figure in the insurance sector’s policy administration market from 2015 to 2019, spanning its functions and geographies.
- Comprehend insurance sectors’ IT budget allocation and prioritization of top IT projects in 2015
- Understand how insurance sector’s policy administration market opportunities are set to change in the market in near future.
- 1 Business challenges for policy administration
- 2 Market Dynamics
- 2.1 Demand side trends
- 2.2 Supply side trends
- 3 Technology Lifecycle
- 3.1 Insurers’ IT budget allocation and IT priorities
- 4 Opportunities for ICT vendors
- 5 Market size and forecast
- 6 Future outlook
- 6.1 Disruptive technologies continue to dictate the transformation of core processes within the insurance industry
- 7 Appendix
- 7.1 Definitions
- 7.2 Further reading
- 7.3 Contact the authors
- List of Tables
- Table 1: Insurance policy administration function market – global market opportunity forecast by region, US$ millions
- List of Figures
- Figure 1: Key business challenges impacting insurers in adopting automated policy administration solutions
- Figure 2: Key demand and supply side trends impacting the policy administration function
- Figure 3: PAS’s journey from COBOL to Cloud
- Figure 4: Shifting from traditional to multi-channel distribution channels
- Figure 5: Insurers’ IT budget allocation and top IT project prioritization in 2015
- Figure 6: Key opportunities for ICT vendors catering to the policy administration function
- Figure 7: Insurance policy administration function market – global market opportunity by region