Cost per policy analysis can help drive decisions for transforming policy administration systems
Most European carriers agree there is value in knowing their existing cost per policy. Some have measured their current state, but most still struggle with ways to calculate what the cost per policy could be if they improved operations. Moreover, many insurers lack the methodology to determine the best course of action, such as deciding whether to keep, sell, migrate or outsource a particular block of business.
An experienced consulting firm such as Capgemini, with a proven methodology for making these calculations, can help insurers achieve the cost savings they are seeking and help explore options for improving operations using best-of-breed applications such as Oracle Insurance Policy Administration.