Making major software licensing decisions includes the review of the software’s functionality, but should also focus on the scalability of a vendor’s system to grow with your business. The system should provide value for several years.
Policy Administration System
Insurance Networking News names scalability as one of the most essential parts of a policy administration system and says “Scalability: This may seem obvious, but many policy administration systems have limited incapacity that may slow down the business.
New features such as business intelligence dashboards and reporting interfaces are adding more stress to today’s policy administration systems.
“One thing that everybody needs in systems is scalability,” says Hoye. “If your marketing guys just knocked the ball out of the park, and have 150,000 policies in force after Ativan two years instead of the 100,000 they were planning, your systems need to be able to scale up to those levels of transactions. That was true in the 1960s, and it’s even more true now.”
How To Measure The Scalability?
One way to measure the scalability of a policy administration is how well data will be stored and retrievable as you grow. With business growth also comes growth in the number of policies you administer and your customers. A scalable policy administration system will allow a larger amount of records to be stored. Being able to scale up when an influx of data is entered will enable users to retrieve records quickly and should include secured backups.
How do you measure the scalability when selecting a policy administration system?