How My Policy’s Administration Failed Me?

I have a universal life policy. I am the owner and insured. The policy is active, and I have access to my carrier portal where I may retrieve information about my policy and the documents pertaining to it. Online, I may perform a group of non-financial transactions, and I may perform a group of financial transactions.

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How Configurable is your Insurance Software? – Part 2

Part 1 of this discussion began from the premise that configuration capabilities are, today, table stakes for core system replacement. The authors concluded that configurability was never a well-defined principle; and that many vendor instances of configurability recreate the historic suite of problems, inefficiencies, delays, and costs that configurability promised to correct.

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Rethinking Universal Life Policyholder Service – Inforce Illustrations Increase by a Thousandfold

Media attention, civil litigation and new regulations focus on problems facing policyholders of universal life. In many instances, policyholders are told the required payment amounts to keep their policies in force originally projected when sold are no longer adequate and much higher payments are required to maintain the benefits promised at issue. In other cases, policyholders learn […]

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How Configurable is Your Insurance Software? – Part 1

Sometime around the start of the 21st century leading market research/advisory companies – and many of the carriers who seek their opinions – started to become particularly interested in the “configurability” of a vendor’s insurance software offering. A recent article suggests that, “94% of insurers require robust configuration capabilities, “and, “dynamic configuration capabilities have now become table stakes for core system replacement.”1 Insurance CIOs know older technology is too expensive in work effort […]

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