At Smallwood Maike - we are launching strategic research on Rethinking underwriting and policy admin solution; what are the true industry requirements?
Over the next two months, we are gathering input - we welcome your insights. Our goal is to publish this report in 4th Quarter 2008.
Hypothesis - - Assuming the insurance industry is changing (people, process and technology) - - - If carriers have been developing, implementing and replacing the back office - policy administration systems for over 40 years and the use of technology and automation is driving change to the entire front office (portals, agent connectivity, STP, automatic submissions, U/W workstations and the list goes on)... Does this create the need for new requirements and new intersection points between the front office and back office? Is there overlap, are they gaps, and is there an opportunity to bring the industry forward?
Some other questions we hope to answer in our research....
Are the 'traditional policy admin requirement' dated? If so, what are the new requirements? Which type of policy admin system solutions are dated, which align to the changing business need? What investments in the front office make sense and how does this align with the back office needs?
Smallwood Maike's research is all about linking to the insurance strategy to business process to making the right choices on technology solutions. During this research project, we will explore and test out the hypothesis - - - if proven true, will begin to define the blend of this new requirements, create the roadmap and outline the new breed of solutions. We hope with this research will bring clarity on where insurers and the solutions are today and where they need to go. We will focus not only on the why and why - but the how.
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