Has automation of the Life underwriting process moved from the ‘nice to have’ phase to table stakes necessary to stay in the game? Industry trends indicate that automation has reached the majority adopter phase with more carriers having automated underwriting than not. Life IT spend projections show carriers committing upwards of 10% or more of their budgets to these systems.
If you haven’t already taken a few minutes to read some thoughts on “Building a Business Case for a Billing System,” it’s easy to download a copy. All of the points are valid from what I’ve observed in the insurance industry.
It is easy to describe and understand the notion of Business Oriented Architecture (BOA), yet it is still quite hard to achieve. Insurance industry analysts have recently defined the term as an architecture that applies a new level of focus to deliver benefits to your business extending beyond the reach of your service-oriented architecture (SOA).