To manage risks, remain competitive and have the ability to chart new directions, insurers must invest in Next-Generation Policy Admin Systems that will deliver the innovative functionality required to support their business and to adapt to changing markets.

Next-Generation Policy Admin Systems can be identified by four key criteria:

1. Modern Technology. Next-Generation Policy Admin Systems are built using modern software development and coding languages like Java and conform to industry standards like XML for data transport. Using modern technology ensures your IT team can take advantage of modern and proven architecture, software, and development practices, allowing your systems to scale better to meet your needs as your organization grows.
   
2. Open, Service-Oriented Architecture (SOA). Another key underlying characteristic of a next-generation system is an open, service-oriented architecture. SOA allows your IT organization to choose best-of-breed solutions - such as claims, billing, data warehousing and others - from one or more vendors, and integrate them into a system that best suites your unique needs.
   
3. Tools and Rules-Based. This means that it is not a one-size-fits-all system, where you´re required to implement the entire system regardless of what components you need and only the vendor can make changes. It doesn´t lock you into a vendor´s hardware or software, or force you into using only their professional services staff and methodologies. Instead, a next-generation policy admin system puts the power back in your hands by providing a robust toolset used to configure, update and extend the solution.
   
4. Functionality that enables differentiation. Next-Generation Policy Admin Systems are built to enable differentiation by incorporating:

• Centralized product configuration - traditional systems with their hard-coded product information result in incredibly slow speed to market - event minor product changes can take months or even years.
  
• Automated underwriting - create best practices and repeatable processes that save you time, money and reduce risk. By automating your underwriting you reduce errors from duplicate data entry and redundant processes, and by offering a consolidated underwriters workstation you help underwriters accurately price risk.
  
• Straight-through processing - is a critical foundation for online sales. It can reduce the time between application and policy issuance by reducing manual touchpoints, which reduces errors and risk.
  
• Intuitive, easy to navigate and web-based user interface - having an intuitive web interface that users can learn quickly and easily navigate through drives user adoption, productivity and satisfaction. A strong user interface also makes you easier to do business with.

For your copy of the complete Next-Generation Checklist download the white paper "Next-Generation Policy Admin Systems" today.