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Cognizant 20-20 Insights
June 2021
Policy Administration Modernization:
Four Paths for Insurers
The pivot to digital is fraught with numerous obstacles but with proper planning
and execution, legacy carriers can update their core systems and keep pace with
the competition, while proactively addressing customer needs.
Executive Summary
Fewer in-person interactions, higher mortality rates and
greater financial insecurity have become the rule not
the exception in the insurance trade since the onset of
COVID-19. Moreover, expectations are changing even more
rapidly amid the post-pandemic’s rapid digitization of nearly
every facet of consumers’ lives.This has compelled carriers
to radically up their digital games to stay relevant and
remain competitive in these uncertain times.
Many carriers, if not most, are implementing some form of
digital business change. Some are focusing on operational
improvement/efficiency, while others are seeking to
connect with new customer segments to increase revenue.
However, many digital programs are not hitting the mark
or meeting the expectations of stakeholders — including,
most importantly, the customers.
Although there are multiple reasons why digital projects are
not yielding the desired results,one of the biggest challenges
for insurance carriers is their legacy policy administration
systems (PAS).Not many insurers have made investments into
their PAS,and those that have are struggling to determine how
to proceed. Based on our experience,there are four options
(detailed below) to move forward.Depending on how the
carrier is trying to differentiate itself,and on its objectives,one
(or more) of the four may be the best option.
Cognizant 20-20 Insights
2 / Policy Administration Modernization: Four Paths for Insurers
Most carriers are still trying to determine how to
address significant legacy PAS shortcomings.
Legacy systems by their nature have limitations.
They are difficult to modify, expensive to maintain
and inflexible since they are traditionally hard coded
and built for industrial-world business models. They
make it tough to address the need for more intuitive
and hyper-personalized customer experiences,
faster processing and the process transparency that
reduces business friction.
Insurers’ major PAS challenges include:
	
❙ A lack of documentation/SME knowledge about
existing application functionality and landscape
	
❙ Resistance to change, which typically engenders a
fear of job losses and of the unknown
	
❙ A lack of will, time and resources to tackle the
change
	
❙ A lack of leadership support to make the
necessary investments for change
The pluses & minuses: Our experiences
Based on our extensive client work, we have seen the
following four methods used to address legacy PAS.
1.	 Building/enhancing existing APIs or
integrations: Rather than replacing an older
PAS,the carrier focuses on enhancing the ability
to get data into and out of those systems to
improve transparency and accelerate processing
time. Moreover,this enables a broader ecosystem
of partners to improve product selection,
underwriting, premium calculations vs.the
competition, etc.A few carriers are also using
this approach to deliver a better experience by
integrating legacy applications with a digitally
enabled front-end application.
For example, a carrier could create a portal that
acts as the user interface to the agent/customer.
The portal can integrate to the PAS so they can
conduct self-service transactions such as a change
of address. From a customer perspective,they did
not have to call the contact center (thus, a better
experience) and from the carrier’s perspective, it has
reduced the number of calls coming into the contact
center (thus, gains in efficiency and cost reduction).
	
❙ Benefits:
	
> Least complex of the different methods and the
usual method preferred by insurers that are
looking for a solution without replacing the PAS
	
> Integrates touchpoints only between required
applications
Cognizant 20-20 Insights
3 / Policy Administration Modernization: Four Paths for Insurers
	
> Enables a digital experience in customer-
facing applications
	
❙ Disadvantages:
	
> Core application product enhancements
and speed-to-market continue to take up
bandwidth and inhibit long-term growth,
posing the risk of falling behind competitors
	
> IT run and maintain costs continue to be high
	
> Process inefficiencies persist within the PAS
2.	 Targeted replacement of key applications:
Some carriers elect to go after the surrounding
applications such as systems of engagement and/
or enterprise business process management to
orchestrate a better experience that cannot be
delivered with the PAS.
For example, a carrier could leverage an
enterprise business process management (BPM)
solution to arm internal call center agents with the
right information from the legacy PAS to quickly
share with customers. The integration with the
PAS saves time for the call center agent and thus
shortens the call, leading to a better customer
experience. The data captured through these
interactions could then be used to help carriers to
more precisely understand the market’s evolution,
thereby helping them to develop products
tailored to customer needs, which will ultimately
translate into revenue. This option is sometimes
combined with option 1 above.
	
❙ Benefits:
	
> Partially addresses pain points and challenges
through replacement of peripheral
applications
	
> The IT landscape remains untouched except
for the surgical changes
	
> Core applications and processes within the
PAS remain largely untouched
	
❙ Disadvantages:
	
> Disadvantages of option 1 continue to apply
3.	 Core legacy modernization: Here, the focus is
on resolving the core PAS through a new custom
built system or buying an off-the-shelf product.
	
❙ Benefits:
	
> Provides digitally scalable applications with
long-term benefits and enhanced customer
experience service capabilities
	
> Offers cloud plus on-premises ERP-type IT
landscape, which improves IT support costs
	
> Enhances speed-to-market, process
automation and the product enhancement
process to stay ahead of the competition
	
❙ Disadvantages:
	
> Initial time and money outlays are higher than
with the other options; however, long-term ROI
will be beneficial
	
> Requires commitment,resources (SMEs,dollars,
etc.) and support from business and IT leadership
	
> Requires strong governance and change
management process during implementation
to stay on track
	
> Custom-built applications are potentially riskier
Cognizant 20-20 Insights
4 / Policy Administration Modernization: Four Paths for Insurers
than COTS product implementation, driving
insurers toward COTS implementation
4.	 Stand up a new system and potentially a new
organization: Another potential approach is to
start with a clean slate through either an insurtech
venture or installing a new PAS for future products.
	
❙ Benefits:
	
> Creates an ecosystem without bottlenecks from
existing systems,people and processes,leading to
an improved experience and greater efficiencies
	
> Eases implementation of leadership’s vision by
reducing politics and resistance to change
	
> Creates new solutions to address market
conditions and customer expectations
	
❙ Disadvantages:
	
> Initial time, money and resource outlays are
higher than with the other options; however,
long-term ROI may be beneficial
	
> Requires a different mindset, level of
commitment and strong support from
business and IT leadership, including strong
governance during the initial phases
Comparing the ways and means
Each carrier’s situation and needs are different.
Figure 1 presents a quick and simplified comparison
of the options outlined above. We based this
comparison on speed-to-value (i.e., time from a
project’s commencement to when it demonstrates
value) and cost/complexity. At the end of the day,
determining a path forward is not easy. The options
are complex and need to be considered in various
combinations. Our framework provides a directional
understanding of the various options and a basis to
select the most appropriate one to your business
circumstances and technology landscape.
PAS options overview
Figure 1
Option	 Speed-to-value	 Cost & complexity	 Potential candidates for this approach
Building/enhancing
the existing API or
integration strategy
Targeted
replacement of key
applications
Core legacy
modernization
Stand up a new
system and
potentially a new
organization
Companies with a mature/nearly-there integration
architecture in place. If the company does not have
an established integration architecture or is at low
maturity,speed-to-value and cost/complexity will be
impacted.
Companies that are moving to an enterprise platform
and/or solutions that can span the value chain such as
enterprise business process management,low code/no
code solutions,CRM umbrella,etc.and have little or no
legacy baggage.
Companies that have the available time (multiyear)
and budget (double-digit millions) and are focused on
reimagining business and customer experience from the
ground up.
Companies that have an innovation organization or
culture,and want to target a new product or a new
market segment. These organizations are willing to
leverage insurtech advancements and other cutting-edge
technologies,and are nimble enough to change quickly.
Short-Medium
Medium
Long
Medium-Long
Low-Medium
Medium
High-Complex
Medium-High
Cognizant 20-20 Insights
5 / Policy Administration Modernization: Four Paths for Insurers
Moving forward
To meet ever-changing and rapidly evolving customer
demands, legacy policy administration challenges can no
longer be ignored and put off. Insurers need to address
them as key elements of their digital journeys. Every insurer
is in a different place due in part to their unique legacy
overhead and progress made on their digital journeys.
Therefore, each carrier’s needs are different. There is
no one silver bullet that works for every company, but
with thoughtful analysis and planning, the right path and
roadmap for your organization can be determined.
As carriers consider these different options, we suggest
that decision-makers answer the following next-step
questions to determine the right path forward:
	
❙ Business objectives and differentiation: Is our
organization trying to differentiate on customer service
or be the low cost producer?
	
❙ Organizational culture: Does our organization have the
culture and support to take on a large-scale program
that will require a multiyear investment in time, money
and resources?
	
❙ Experience: Do I have the right leadership and
execution capabilities to enable the option in a time-
efficient manner that allows my organization to keep
pace with the industry’s rapid digitization?
Cognizant 20-20 Insights
6 / Policy Administration Modernization: Four Paths for Insurers
References
•	 Assessing digital impact across insurer and channel operations — Research by ACORD
•	 Modernization of Legacy System Insurance 2019: Protiviti
•	 Digital Transformation Approach, MIT CISR Research Briefing, Vol. 19, No. 8, August 2019
•	 Peter Weill, Stephanie L. Woerner and Michael Harte,“Replatforming the Enterprise,” MIT CISR,July 15, 2020,
https://cisr.mit.edu/publication/2020_0701_Replatforming_WeillWoernerHarte?utm_medium=email&utm_
campaign=2020%20July%20SP%20Research%20Briefing&utm_content=2020%20July%20SP%20Research%20
Briefing+CID_31fb824a002f1d26f4ae85652acb3389&utm_source=Campiagn%20Monitor&utm_term=Read%20the%20
Research%20Briefing
•	 “A Journey to Digital Transformation: Collaborative Innovation in the US Insurance Industry,” Gomedici,June 19, 2018,
https://gomedici.com/journey-to-digital-transformation-collaborative-innovation-in-us-insurance-industry/
•	 Joanna Glasner,“A Record $2.5B Went to U.S. Insurance Startup Deals Last Year, And Big Insurers Are In All The Way,”
Crunchbase News, April 4, 2019, https://news.crunchbase.com/news/a-record-2-5b-went-to-u-s-insurance-startup-deals-
last-year-and-big-insurers-are-in-all-the-way/
•	 https://www.thebalancesmb.com/what-is-insurtech-4584490
•	 Alison Coleman,“Four Insurtech Startups Shaking Up The Insurance Industry,” Forbes, July 9, 2019, https://www.forbes.
com/sites/alisoncoleman/2019/07/09/four-insurtech-startups-shaking-up-the-insurance-industry/#788606b129f4
•	 https://insur-tech.com
Cognizant 20-20 Insights
About the authors
Steven Waldrop
AVP and Partner, Insurance Consulting Practice, Cognizant
Steven Waldrop is an AVP and Partner in Cognizant’s Insurance Consulting Practice. As a business
transformation leader, he is passionate about helping carriers transform their capabilities to drive business
value and better engagement experiences — both internally and with their customers. Applying his
25-plus years of experience, Steven advises companies on the design, development and execution of
transformation programs that enhance engagement, business capabilities and processes, while leveraging
the latest technologies across digital and core applications. He applies a human-centered design
approach, to help companies think about solutions from the outside-in. He has worked with carriers across
the property and casualty (P&C) and life and annuity (L&A) spectrum. Steven earned his BBA in computer
information systems at Georgia State University. He can be reached at Steven.Waldrop@cognizant.com |
linkedin.com/in/stevenwaldrop/.
Gordon Sanders
AVP and Partner, Insurance Consulting Practice, Cognizant
Gordon Sanders is an AVP and Partner in Cognizant’s Insurance Consulting Practice. He has 40-plus years
of experience in insurance business and technology. While his claim to fame is legacy core transformation,
he also has deep experience in distribution management, from both a business and applications
perspective. Gordon earned his BBA from Hofstra University in administrative computer science and
business management. He can be reached at Gordon.Sanders@cognizant.com | Linkedin.com/in/gordon-
sanders-13b4581.
Shriram Sankaran
Associate Director, Insurance Consulting Practice, Cognizant
Shriram Sankaran is an Associate Director within Cognizant Consulting’s Insurance Practice. As a
business transformation leader, he is passionate about helping carriers evolve their capabilities to derive
overall value and growth for all stakeholders. Shriram has global consulting and insurance experience,
advising clients on insurtech start-ups, green field implementations, program management, business
process enhancements and customer experiences that leverage the full gamut of the flourishing digitally
enabled technological ecosystem. Shriram has 29-plus years of insurance and consulting experience,
working with various P&C carriers in India, the Middle East, APAC, the UK and the US. He has worked as
an underwriter, claims professional and reinsurance broker in his prior experience in the insurance and
reinsurance sectors. Shriram earned his master’s degree in commerce and bachelor’s degree in business
administration at Annamalai University. He can be reached at Shriram.Sankaran@cognizant.com |
Linkedin.com/in/shriramgs.
7 / Policy Administration Modernization: Four Paths for Insurers
World Headquarters
300 Frank W. Burr Blvd., Suite 600
Teaneck, NJ 07666 USA
Phone: +1 201 801 0233
Fax: +1 201 801 0243
Toll Free: +1 888 937 3277
European Headquarters
1 Kingdom Street
Paddington Central
London W2 6BD England
Phone: +44 (0) 20 7297 7600
Fax: +44 (0) 20 7121 0102
India Operations Headquarters
#5/535 Old Mahabalipuram Road
Okkiyam Pettai, Thoraipakkam
Chennai, 600 096 India
Phone: +91 (0) 44 4209 6000
Fax: +91 (0) 44 4209 6060
APAC Headquarters
1 Changi Business Park Crescent,
Plaza 8@CBP # 07-04/05/06,
Tower A, Singapore 486025
Phone: + 65 6812 4051
Fax: + 65 6324 4051
About Cognizant’s Insurance Business Unit
Cognizant is a leading global services partner for the insurance industry. In fact, seven of the top 10 global insurers and 33 of the top 50 U.S. insurers benefit
from our integrated services portfolio. We help our clients run better by driving greater efficiency and effectiveness, while simultaneously helping them run
differently by innovating and transforming their businesses for the future. Cognizant redefines the way its clients operate — from increasing sales and mar-
keting effectiveness, to driving process improvements and modernizing legacy systems, to sourcing business operations.
About Cognizant
Cognizant (Nasdaq-100: CTSH) is one of the world’s leading professional services companies, transforming clients’ business, operating and technology
models for the digital era. Our unique industry-based, consultative approach helps clients envision, build and run more innovative and efficient businesses.
Headquartered in the U.S., Cognizant is ranked 194 on the Fortune 500 and is consistently listed among the most admired companies in the world. Learn
how Cognizant helps clients lead with digital at www.cognizant.com or follow us @Cognizant.
© Copyright 2021, Cognizant. All rights reserved. No part of this document may be reproduced, stored in a retrieval system, transmitted in any form or by any means, electronic, mechanical,
photocopying, recording, or otherwise, without the express written permission from Cognizant. The information contained herein is subject to change without notice. All other trademarks mentioned
herein are the property of their respective owners.
Codex 6648

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Policy Administration Modernization: Four Paths for Insurers

  • 1. Cognizant 20-20 Insights June 2021 Policy Administration Modernization: Four Paths for Insurers The pivot to digital is fraught with numerous obstacles but with proper planning and execution, legacy carriers can update their core systems and keep pace with the competition, while proactively addressing customer needs. Executive Summary Fewer in-person interactions, higher mortality rates and greater financial insecurity have become the rule not the exception in the insurance trade since the onset of COVID-19. Moreover, expectations are changing even more rapidly amid the post-pandemic’s rapid digitization of nearly every facet of consumers’ lives.This has compelled carriers to radically up their digital games to stay relevant and remain competitive in these uncertain times. Many carriers, if not most, are implementing some form of digital business change. Some are focusing on operational improvement/efficiency, while others are seeking to connect with new customer segments to increase revenue. However, many digital programs are not hitting the mark or meeting the expectations of stakeholders — including, most importantly, the customers. Although there are multiple reasons why digital projects are not yielding the desired results,one of the biggest challenges for insurance carriers is their legacy policy administration systems (PAS).Not many insurers have made investments into their PAS,and those that have are struggling to determine how to proceed. Based on our experience,there are four options (detailed below) to move forward.Depending on how the carrier is trying to differentiate itself,and on its objectives,one (or more) of the four may be the best option.
  • 2. Cognizant 20-20 Insights 2 / Policy Administration Modernization: Four Paths for Insurers Most carriers are still trying to determine how to address significant legacy PAS shortcomings. Legacy systems by their nature have limitations. They are difficult to modify, expensive to maintain and inflexible since they are traditionally hard coded and built for industrial-world business models. They make it tough to address the need for more intuitive and hyper-personalized customer experiences, faster processing and the process transparency that reduces business friction. Insurers’ major PAS challenges include: ❙ A lack of documentation/SME knowledge about existing application functionality and landscape ❙ Resistance to change, which typically engenders a fear of job losses and of the unknown ❙ A lack of will, time and resources to tackle the change ❙ A lack of leadership support to make the necessary investments for change The pluses & minuses: Our experiences Based on our extensive client work, we have seen the following four methods used to address legacy PAS. 1. Building/enhancing existing APIs or integrations: Rather than replacing an older PAS,the carrier focuses on enhancing the ability to get data into and out of those systems to improve transparency and accelerate processing time. Moreover,this enables a broader ecosystem of partners to improve product selection, underwriting, premium calculations vs.the competition, etc.A few carriers are also using this approach to deliver a better experience by integrating legacy applications with a digitally enabled front-end application. For example, a carrier could create a portal that acts as the user interface to the agent/customer. The portal can integrate to the PAS so they can conduct self-service transactions such as a change of address. From a customer perspective,they did not have to call the contact center (thus, a better experience) and from the carrier’s perspective, it has reduced the number of calls coming into the contact center (thus, gains in efficiency and cost reduction). ❙ Benefits: > Least complex of the different methods and the usual method preferred by insurers that are looking for a solution without replacing the PAS > Integrates touchpoints only between required applications
  • 3. Cognizant 20-20 Insights 3 / Policy Administration Modernization: Four Paths for Insurers > Enables a digital experience in customer- facing applications ❙ Disadvantages: > Core application product enhancements and speed-to-market continue to take up bandwidth and inhibit long-term growth, posing the risk of falling behind competitors > IT run and maintain costs continue to be high > Process inefficiencies persist within the PAS 2. Targeted replacement of key applications: Some carriers elect to go after the surrounding applications such as systems of engagement and/ or enterprise business process management to orchestrate a better experience that cannot be delivered with the PAS. For example, a carrier could leverage an enterprise business process management (BPM) solution to arm internal call center agents with the right information from the legacy PAS to quickly share with customers. The integration with the PAS saves time for the call center agent and thus shortens the call, leading to a better customer experience. The data captured through these interactions could then be used to help carriers to more precisely understand the market’s evolution, thereby helping them to develop products tailored to customer needs, which will ultimately translate into revenue. This option is sometimes combined with option 1 above. ❙ Benefits: > Partially addresses pain points and challenges through replacement of peripheral applications > The IT landscape remains untouched except for the surgical changes > Core applications and processes within the PAS remain largely untouched ❙ Disadvantages: > Disadvantages of option 1 continue to apply 3. Core legacy modernization: Here, the focus is on resolving the core PAS through a new custom built system or buying an off-the-shelf product. ❙ Benefits: > Provides digitally scalable applications with long-term benefits and enhanced customer experience service capabilities > Offers cloud plus on-premises ERP-type IT landscape, which improves IT support costs > Enhances speed-to-market, process automation and the product enhancement process to stay ahead of the competition ❙ Disadvantages: > Initial time and money outlays are higher than with the other options; however, long-term ROI will be beneficial > Requires commitment,resources (SMEs,dollars, etc.) and support from business and IT leadership > Requires strong governance and change management process during implementation to stay on track > Custom-built applications are potentially riskier
  • 4. Cognizant 20-20 Insights 4 / Policy Administration Modernization: Four Paths for Insurers than COTS product implementation, driving insurers toward COTS implementation 4. Stand up a new system and potentially a new organization: Another potential approach is to start with a clean slate through either an insurtech venture or installing a new PAS for future products. ❙ Benefits: > Creates an ecosystem without bottlenecks from existing systems,people and processes,leading to an improved experience and greater efficiencies > Eases implementation of leadership’s vision by reducing politics and resistance to change > Creates new solutions to address market conditions and customer expectations ❙ Disadvantages: > Initial time, money and resource outlays are higher than with the other options; however, long-term ROI may be beneficial > Requires a different mindset, level of commitment and strong support from business and IT leadership, including strong governance during the initial phases Comparing the ways and means Each carrier’s situation and needs are different. Figure 1 presents a quick and simplified comparison of the options outlined above. We based this comparison on speed-to-value (i.e., time from a project’s commencement to when it demonstrates value) and cost/complexity. At the end of the day, determining a path forward is not easy. The options are complex and need to be considered in various combinations. Our framework provides a directional understanding of the various options and a basis to select the most appropriate one to your business circumstances and technology landscape. PAS options overview Figure 1 Option Speed-to-value Cost & complexity Potential candidates for this approach Building/enhancing the existing API or integration strategy Targeted replacement of key applications Core legacy modernization Stand up a new system and potentially a new organization Companies with a mature/nearly-there integration architecture in place. If the company does not have an established integration architecture or is at low maturity,speed-to-value and cost/complexity will be impacted. Companies that are moving to an enterprise platform and/or solutions that can span the value chain such as enterprise business process management,low code/no code solutions,CRM umbrella,etc.and have little or no legacy baggage. Companies that have the available time (multiyear) and budget (double-digit millions) and are focused on reimagining business and customer experience from the ground up. Companies that have an innovation organization or culture,and want to target a new product or a new market segment. These organizations are willing to leverage insurtech advancements and other cutting-edge technologies,and are nimble enough to change quickly. Short-Medium Medium Long Medium-Long Low-Medium Medium High-Complex Medium-High
  • 5. Cognizant 20-20 Insights 5 / Policy Administration Modernization: Four Paths for Insurers Moving forward To meet ever-changing and rapidly evolving customer demands, legacy policy administration challenges can no longer be ignored and put off. Insurers need to address them as key elements of their digital journeys. Every insurer is in a different place due in part to their unique legacy overhead and progress made on their digital journeys. Therefore, each carrier’s needs are different. There is no one silver bullet that works for every company, but with thoughtful analysis and planning, the right path and roadmap for your organization can be determined. As carriers consider these different options, we suggest that decision-makers answer the following next-step questions to determine the right path forward: ❙ Business objectives and differentiation: Is our organization trying to differentiate on customer service or be the low cost producer? ❙ Organizational culture: Does our organization have the culture and support to take on a large-scale program that will require a multiyear investment in time, money and resources? ❙ Experience: Do I have the right leadership and execution capabilities to enable the option in a time- efficient manner that allows my organization to keep pace with the industry’s rapid digitization?
  • 6. Cognizant 20-20 Insights 6 / Policy Administration Modernization: Four Paths for Insurers References • Assessing digital impact across insurer and channel operations — Research by ACORD • Modernization of Legacy System Insurance 2019: Protiviti • Digital Transformation Approach, MIT CISR Research Briefing, Vol. 19, No. 8, August 2019 • Peter Weill, Stephanie L. Woerner and Michael Harte,“Replatforming the Enterprise,” MIT CISR,July 15, 2020, https://cisr.mit.edu/publication/2020_0701_Replatforming_WeillWoernerHarte?utm_medium=email&utm_ campaign=2020%20July%20SP%20Research%20Briefing&utm_content=2020%20July%20SP%20Research%20 Briefing+CID_31fb824a002f1d26f4ae85652acb3389&utm_source=Campiagn%20Monitor&utm_term=Read%20the%20 Research%20Briefing • “A Journey to Digital Transformation: Collaborative Innovation in the US Insurance Industry,” Gomedici,June 19, 2018, https://gomedici.com/journey-to-digital-transformation-collaborative-innovation-in-us-insurance-industry/ • Joanna Glasner,“A Record $2.5B Went to U.S. Insurance Startup Deals Last Year, And Big Insurers Are In All The Way,” Crunchbase News, April 4, 2019, https://news.crunchbase.com/news/a-record-2-5b-went-to-u-s-insurance-startup-deals- last-year-and-big-insurers-are-in-all-the-way/ • https://www.thebalancesmb.com/what-is-insurtech-4584490 • Alison Coleman,“Four Insurtech Startups Shaking Up The Insurance Industry,” Forbes, July 9, 2019, https://www.forbes. com/sites/alisoncoleman/2019/07/09/four-insurtech-startups-shaking-up-the-insurance-industry/#788606b129f4 • https://insur-tech.com
  • 7. Cognizant 20-20 Insights About the authors Steven Waldrop AVP and Partner, Insurance Consulting Practice, Cognizant Steven Waldrop is an AVP and Partner in Cognizant’s Insurance Consulting Practice. As a business transformation leader, he is passionate about helping carriers transform their capabilities to drive business value and better engagement experiences — both internally and with their customers. Applying his 25-plus years of experience, Steven advises companies on the design, development and execution of transformation programs that enhance engagement, business capabilities and processes, while leveraging the latest technologies across digital and core applications. He applies a human-centered design approach, to help companies think about solutions from the outside-in. He has worked with carriers across the property and casualty (P&C) and life and annuity (L&A) spectrum. Steven earned his BBA in computer information systems at Georgia State University. He can be reached at Steven.Waldrop@cognizant.com | linkedin.com/in/stevenwaldrop/. Gordon Sanders AVP and Partner, Insurance Consulting Practice, Cognizant Gordon Sanders is an AVP and Partner in Cognizant’s Insurance Consulting Practice. He has 40-plus years of experience in insurance business and technology. While his claim to fame is legacy core transformation, he also has deep experience in distribution management, from both a business and applications perspective. Gordon earned his BBA from Hofstra University in administrative computer science and business management. He can be reached at Gordon.Sanders@cognizant.com | Linkedin.com/in/gordon- sanders-13b4581. Shriram Sankaran Associate Director, Insurance Consulting Practice, Cognizant Shriram Sankaran is an Associate Director within Cognizant Consulting’s Insurance Practice. As a business transformation leader, he is passionate about helping carriers evolve their capabilities to derive overall value and growth for all stakeholders. Shriram has global consulting and insurance experience, advising clients on insurtech start-ups, green field implementations, program management, business process enhancements and customer experiences that leverage the full gamut of the flourishing digitally enabled technological ecosystem. Shriram has 29-plus years of insurance and consulting experience, working with various P&C carriers in India, the Middle East, APAC, the UK and the US. He has worked as an underwriter, claims professional and reinsurance broker in his prior experience in the insurance and reinsurance sectors. Shriram earned his master’s degree in commerce and bachelor’s degree in business administration at Annamalai University. He can be reached at Shriram.Sankaran@cognizant.com | Linkedin.com/in/shriramgs. 7 / Policy Administration Modernization: Four Paths for Insurers
  • 8. World Headquarters 300 Frank W. Burr Blvd., Suite 600 Teaneck, NJ 07666 USA Phone: +1 201 801 0233 Fax: +1 201 801 0243 Toll Free: +1 888 937 3277 European Headquarters 1 Kingdom Street Paddington Central London W2 6BD England Phone: +44 (0) 20 7297 7600 Fax: +44 (0) 20 7121 0102 India Operations Headquarters #5/535 Old Mahabalipuram Road Okkiyam Pettai, Thoraipakkam Chennai, 600 096 India Phone: +91 (0) 44 4209 6000 Fax: +91 (0) 44 4209 6060 APAC Headquarters 1 Changi Business Park Crescent, Plaza 8@CBP # 07-04/05/06, Tower A, Singapore 486025 Phone: + 65 6812 4051 Fax: + 65 6324 4051 About Cognizant’s Insurance Business Unit Cognizant is a leading global services partner for the insurance industry. In fact, seven of the top 10 global insurers and 33 of the top 50 U.S. insurers benefit from our integrated services portfolio. We help our clients run better by driving greater efficiency and effectiveness, while simultaneously helping them run differently by innovating and transforming their businesses for the future. Cognizant redefines the way its clients operate — from increasing sales and mar- keting effectiveness, to driving process improvements and modernizing legacy systems, to sourcing business operations. About Cognizant Cognizant (Nasdaq-100: CTSH) is one of the world’s leading professional services companies, transforming clients’ business, operating and technology models for the digital era. Our unique industry-based, consultative approach helps clients envision, build and run more innovative and efficient businesses. Headquartered in the U.S., Cognizant is ranked 194 on the Fortune 500 and is consistently listed among the most admired companies in the world. Learn how Cognizant helps clients lead with digital at www.cognizant.com or follow us @Cognizant. © Copyright 2021, Cognizant. All rights reserved. No part of this document may be reproduced, stored in a retrieval system, transmitted in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise, without the express written permission from Cognizant. The information contained herein is subject to change without notice. All other trademarks mentioned herein are the property of their respective owners. Codex 6648