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Leveraging Technology in Policy Administration Systems

Chakravarthi Vedantam

Delivery Partner, TCS BFSI Platforms

Need for Platformification in Insurance

With growing user expectations for innovative products and simplified policy processing, insurance companies are looking for a digitalized, integrated, modularized, automated, and governed platform. However, legacy insurance policy administration systems create a monolithic system and prevent companies from achieving complete platformification to tackle business challenges.

A properly planned platformification journey should focus on the following aspects:

  • Leveraging technology and plug-and-play methodology to generate portals for all stakeholders
  • Development of efficient internal and external integrations to accommodate the changing ecosystem
  • Modularizing components such as experience, analytics and insights, and regulatory compliance
  • Automation of business processes, build-deploy-test and exceptional customer service
  • Configuration of new changes including product, front-end, and self-service configuration
  • Proper governance to handle various risk categories