Industry analyst SMA claims that this was happening as many insurers are rethinking their business models and innovating in order to enhance the customer experience. It warned, however, that for many companies changing software and processes can take time.
Mark Breading, partner at SMA, said: “For an individual company it is an evolution that will take place over a number of years. Because of this, there are no dramatic, rapid shifts in how documents are produced. However, there is a discernible trend toward greater integration of policy administration systems (PAS) and customer communications management (CCM) solutions.
“More insurers are recognising that CCM solutions are strong at enabling personalisation and creating the types of visually appealing documents that are common today. At the same time, the PAS are the systems of record and have access to all the data that is required to populate policy documents. Our research indicates that more insurers are beginning to use PAS and CCM systems in combination to create and manage these documents.”
SMA said there is no ‘one-size fits all’ approach for insurers in the management of policy documents, but continuing to support the customer experience with innovation initiatives would be a clear trend over the next few years.