PAS Lessons Learned: Implementation Best Practices for Life, Annuities, and Benefits

Report Summary

PAS Lessons Learned: Implementation Best Practices for Life, Annuities, and Benefits

CIOs and IT leaders need to pursue pragmatic best practices—lest a once-in-a-career event become the last-in-a-career event.

John Keddy
Senior Principal
Aisha Chandraker
Associate

Boston, March 3, 2022 – Implementing a policy administration system (PAS) is arguably the most complex technology project that life, annuities, and benfits insurers can execute. Many insurance carriers considering a PAS replacement have aging systems or a collection of multiple systems, and they have found those legacy systems unable to meet business objectives for product development, customer engagement, analytics, and/or operational efficiency. Since core systems are replaced infrequently, with many carriers only pursuing initiatives once in a generation, successful execution requires careful planning and effective partnerships.

This Impact Report provides insight into what best practices life, annuities, and benefits carriers need to proactively pursue when considering, executing, course-correcting, completing, or terminating PAS projects coordinated with PAS vendors, integration partners, system implementation resources, actuarial consultants, external testers, and any non-employee staff working on the endeavor.

This Impact Report has 19 pages. Clients of Aite-Novarica Group’s Life, Annuities, & Benefits service can download this report.

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