Policy administration system (PAS) transformation: Future-proof your legacy systems
Is your business still running on legacy systems?
The market is zooming to the future at 'warp speed,' but your policy administration system (PAS) is stuck in the past. You need to launch products faster while being customer-centric and regulatory compliant. But with legacy systems, product development cycles are long; maintenance costs, high; and processes, inflexible. You need to transform your PAS – a complex task that requires you to build a compelling business case. How do you do it?
A well-defined PAS transformation is a complicated journey. It may secure agility for your company, but you need to overcome multiple challenges along the way. From building a robust business case (based on the assessment of current capabilities) to drawing up a focused implementation roadmap (that aligns with your objectives) and ensuring a clear execution framework.
How do you transform your PAS to realize your business objectives?
Transforming PAS requires building a strong business case by assessing current capabilities from different standpoints – process, technology, and organizational. Insurers often struggle on two counts – not having a holistic view of their operational environment and the inability to envision a clear implementation roadmap that would enhance efficiency. You need a transformation approach that leverages the processes around business capabilities to ensure operational excellence and business agility. This will help you prioritize specific capabilities to be transformed, along with other factors like business value, long-term vision, enterprise strategy, and industry benchmark.
It’s critical that you build a robust business and technology architecture aligned with your business capability model. The architecture must cover the future state of people, process, and technology. To successfully execute this transformation, you will also need a well-defined structure, an overarching governance framework and an adaptive execution model.
What if you had a proven methodology to navigate this challenging journey?
Such a complex and challenging undertaking requires a proven partner – one that can make all the difference between success and failure. Backed by our experience in managing large-scale business transformation and deep domain expertise in the core areas of your business, Infosys brings you a proven model and methodology to smoothen your PAS transformation journey. Our methodology helps:
Create robust solutions: We have defined target capability models and technology architecture to serve as baselines while creating solutions.
Develop products with speed: Our consultative approach, along with our analytics expertise and research, will help you innovate product offerings, streamline your overall product introduction cycle, and reduce time-to-market for new products.
Leverage robust business rules: We offer business-rules-driven rate engine services and solutions toward creating an agile next-generation rating engine.
Enhance efficiency, streamline transformation: Our customizable framework helps you build new business processes and implement them using our technology accelerators and a robust program management framework.
We not only ensure a smooth transformation journey but also help you address issues around redundant platforms, simplify existing processes, and reduce cost pressures.
Gain agility with a streamlined PAS transformation
With our extensive experience, we provide innovative capabilities across the transformation process. Our centers of excellence (CoE), alliances and expertise in leading insurance packages help deliver a PAS transformation that is tightly aligned to your business drivers, thus helping you unlock value.
Key business benefits include:
- Complete consolidation and / or transformation of legacy platforms
- Support for quick and efficient product launches
- Lowered cost of customer acquisition, policy administration, and service delivery
- Reduced total cost of ownership (TCO)
- Improved operational excellence through streamlining and automating processes
Policy management system for a global retail insurance brokerage and risk manager
Point of View:
Policy Administration System Upgrade - an agile, lean, and flexible approach