Personalizing Insurance with Modern Policy Administration System

How product rationalization can help insurers modernize life & annuity products

The life and annuities sector is riddled with a multitude of unique challenges.

Presence of countless similar products has complicated business process flow.
Use of legacy systems has become a financial liability in the long run and technical maintenance is no longer cost-effective.
Ever-growing variations in legacy policy administration systems have created operational issues that impact both workforce productivity and customer experience.
Consistent use of legacy data has constrained modernization efforts and shifted old problems onto newer platforms.
Prevalence of legacy policy administration system in insurance has made it difficult to identify profitable products.
Lack of an upgrade in the standard operating procedures of policies has added to redundant costs.
Myriad calculations for different products have further complicated matters.

Rationalization could help firms reduce operational complexity and overcome these challenges.

Product Rationalization: Future of the Financial Services Industry