We were at a trade show recently and noticed the booths of some companies in the same business we’re in called their offerings a policy administration system (PAS). We call ours a core processing system (CPS). We wondered if that was a distinction without a difference. So, we did a little investigating, with the help […]
The June edition of Best’s Review ran this article — “Large Language Models Examine Rising U.S. Homeowners Rates“ — which contained this introduction: Best’s Review asked three artificial intelligence-based, large language model programs [this question]: Homeowners rates are rising in many U.S. states. What are the forces driving that increase and what might slow or […]
With the Target Markets Program Administrators Association (TMPAA) Annual Summit coming up later this October, we thought it might be a good idea to put our finger on the pulse of that market. Some of what we found was surprising. Data from the web suggested the global insurance program administration market, valued at $4.7 billion […]
When people ask us why we attend the Target Markets Program Administrators Association (TMPAA) Annual Summit, we tell them two things: First, we tell them we appreciate the support the TMPAA gives to program administrators (PAs) and managing general agents (MGAs) by addressing their challenges and fostering growth in program business and by developing insurance […]
Reports from companies like Celent and Datos Insights (formerly Novarica) indicate Property & Casualty insurers rarely use more than 20 to 40 percent of their policy admin systems’ capabilities before opting to replace them, for a variety of reasons. Here are a few of them, in general terms: They prioritize capabilities like policy issuance, underwriting, […]
What does the term, actuary, mean? It derives from the Latin word, actus, meaning a legal action or a thing done and from the medieval Latin term, actorius, referring to a registrar or clerk. As the use of the term evolved, it’s now generally accepted to have two meanings: In law, it’s still understood to […]
We sometimes hear software applications or systems referred to as solutions in search of problems. Up to a certain point, that didn’t seem to be an issue for the insurance industry. Starting around the time of Y2K, insurance technology was focused on automating, simplifying, and eliminating the manual tasks and paper involved in processes like […]
The February edition of Best’s Review contained an article called, “‘Build vs. Buy’ in the Digital Age”, that said this, in part: The perennial question of “build vs. buy”—whether to develop proprietary applications or acquire third-party solutions—has been argued among insurance stakeholders for as long as any of us can remember … In 2000, the […]
When we founded MapleTech in 2001, we already were insurance guys. We’d worked for an MGU, designing, developing, and administering specialized commercial insurance programs for domestic and international trading partners. But then we had the opportunity to work with a company that writes motor carrier insurance. So, we got to work. Motor carrier policies were […]
According to the calendar, it’s 2025. Yet according to print and online insurance trade publications, the biggest complaints property/casualty insurers have about their core processing software is it’s outdated, it’s inflexible, and it’s slow to adapt to changing business needs. Considering what we do for a living, this may come across as self-serving. But maybe […]