NEW YORK, Nov. 3, 2016 /PRNewswire/ -- SummaryCarriers have known for years that their legacy policy administration, claims and billing systems are out-of-date, but have largely worked around them with manual processes and one-off technology efforts. However, today's competitive environment, pricing pressures and changing market dynamics are forcing insurance carriers to consider a more dramatic approach. This has resulted in a move to replace the full suite of applications carriers have been currently using to run their businesses. As a result, the new systems allow carriers to realize efficiencies, gain flexibility and organize their data for business analytics. Carriers that do not adapt risk losing market share while experiencing continually escalating costs. Key Findings- The insurance industry is currently witnessing a transition that is compelling insurers to take a step back to gauge the impact thereof on their operations. One such trend that has gained prominence among insurers is the consolidation of systems within business processes. This trend has caused carriers to transform their policy administration function, which comprises numerous disparate systems that facilitates the functioning of back office operations. - The ever evolving technology landscape is giving customers numerous channels to choose from in order to interact with insurers. The increased penetration rate of digital channels such as mobile, e-commerce, and internet, is now giving insurers the opportunity to reach millions of uninsured people.- In order to establish a digital business model such as the one cited above, insurers are strategizing and working towards instituting alliances with ICT vendors and firms from other industries (such as automotive industry). SynopsisCurrent Analysis' Vertical Focus Report - Insurance: Trends in policy administration depicts the business challenges faced by the insurance sector in the policy administration domain along with the recent demand side and supply side trends in this functional area. The report outlines the evolution of the policy administration domain and identifies the key opportunity areas for the ICT vendors. This report also presents Current Analysis' view of the revenue opportunities in policy administration domain through to 2019, highlighting the market size and growth by geography and business function.