Insurers who resist change and attempt to depend on their aged Policy Administration Systems are missing the amazing advantages wanted to them from the new age SaaS-based PAS that offer amazing advantages and enhanced usability, accessibility and configurability. This article addresses these aspects and lists the rewards offered by a PAS to boost the competitive edge of your insurer. All PAS systems don’t offer such advantages and a few actually neglect to replace the legacy system, wasting time and resources connected with an insurer and setting it back. Hence, it is necessary for an insurer to become well-informed and alert to the capabilities of the PAS as well as the benefits available from adopting it.
Insurers who stay devoted to their timeworn Policy Administration Systems are not able to realize that their devotion affects their competitiveness already in the market by slowing their services down and restricting remarkable ability to introduce new items to the market.
One approach to reverse this very slow but steady deterioration should be to adopt a Saas-based portal that will be your new Policy Administration System. Enjoy its support along the value chain, from product development on the payment of benefits and administer the insurance policy products with unsurpassed agility. This is possible using a well-designed SaaS-based product for the usability, accessibility and configurability. Let’s explore these advantages in depth, so you have clarity on creating that business case to suggest its immediate adoption:
1. The program offers framework modules, which may be licensed independently or together, offering unlimited flexibility and value savings to some discerning user.
2. Offers flexibility in customization and deployment, and supports multiple clients, currencies and languages.
3. Its modules are really intuitive to use as it takes no coding.
4. Allows you to administer all sorts of insurance products, like P&C, Auto, Life, Health, Specialty, Warranty, Pension, Annuity, etc. and never have to code anything; saving significantly by the due date and costs.
1. Available and hosted being a Web application or may be hosted for the cloud.
2. The Agent portal is built-into the Policy Administration System to guide Agents and Direct customers.
3. Allows data upload and import of Excel files
4. Makes integration with alternative party and payment processes simple and easy , flexible.
5. No Programming should be used for attaching forms and printing data on forms.
6. Generates policy data as tokens and prints the real-time policy data on forms.
7. Easily uploads rule-based forms.
8. Maintains a repository of Base forms, Coverage forms, ACORD forms, exclusion forms for several product lines and maintains them separately in a variety of file subnets for supply.
9. Can integrate with multiple policy processing systems primarily through APIs or XMLs.
10. Organizes forms according on the form type.
11. Allows configuration of forms for your printing of policy data much like the existing (customer’s) templates.
12. Generates placeholders or tokens to get placed within the forms for policy data at enough time of form generation/printing.
13. Attaches forms based around the user-defined sequence.
1. It is a self-service product, which uses role-based configuration, and standard workflows which is often configured by users with their unique company needs.
2. Issues and stores all policy data and documentation depending on the product model and enables changes and modification being completed in a few hours, rather than days.
3. Product versioning allows 1 product for being maintained using state-specific, agency-specific and customer-specific screens, with all the workflows being defined by user’s role.
4. Business users can readily configure changes, without intervention from DB administrators.
5. Users can build new items from scratch easily, and without much effort or decrease of time.
6. Users can define Carriers, Agents, Brokers, Distributors in addition to their business information in addition to mapping their producers and products.
7. Supports all policy transactions from Quick Quote, Policy Submission and Bind, Account creation, Quotes, Policy Administration, Endorsements, Renewals, Cancellations, Reinstatements and Rewrites.
8. Standard Policy Statuses and then suddenly Actions allow customers to configure the workflows according to their need and bypass a policy statuses which tend not to match their business need. Automated out-of-sequence endorsement provides an additional feature.
9. Its rating module allows taking care of multiple rating tables without duplication, delivering faster response and improved performance due on the execution of rule-based rating steps, enhancing the hit rate and ensuring better performance.,
10. Integration with inbuilt underwriting module, rating module and forms module delivers fast responses from each supporting module and take care of the quote/policy transaction immediately.
11. Its underwriting module integrates with multiple systems, allowing the organization rules, regulatory rules, and user-specific rules for being configured in just one location and makes its maintenance easy. It supports searching of existing rules, decision tables, and scorecards and defines assignment rules and sets output deadlines.
12. Its reporting module allows users to get the reports manually and to trigger reports by defining the regularity of reports automatically. It also offers many standard reports and enables users to configure customized reports.
13. Offers role-driven dashboards for Carriers, Agencies, Brokers along with Distributors.
14. Provides flexibility to integrate with any external system too.
15. Supports both manual and automated policy processing.
Visualizing the advantages in time, money and resources from adopting this type of system need to be really easy following this detailed explanation. Talk to us to build a demonstration of those capabilities and benefits to discover how they can improve your business processes and adaptability. That would make it easier to make an educated choice and steer clear of paying an exorbitant price with an ineffective product supposed to replace your legacy system, but offers no return on your investment and may even affect your online business continuity.