Insurers that resist change and continue to rely on their old policy administration systems are missing out on the incredible benefits of the new age SaaS-based PAS, which offers incredible benefits and better usability, accessibility and configurability. This article addresses these aspects and lists the advantages that a PAS offers to improve the competitive advantage of an insurer. All PAS systems do not offer such advantages and some actually fail to replace the legacy system, wasting an insurer’s time and resources and setting them back. Therefore, it is important that an insurer is well informed and aware of the capabilities of a PAS and the benefits that its adoption offers.
Insurers that remain dedicated to their time-worn policy administration systems don’t realize that their devotion is hurting their competitiveness in the marketplace by slowing down their services and restricting their ability to bring new products to market.
One way to reverse this slow and steady deterioration is to adopt a Saas-based portal as your new policy administration system. Get support across the entire value chain, from product development to benefit payment, and manage insurance products with unsurpassed agility. This is possible with a well designed SaaS based product due to its ease of use, accessibility and configurability. Let’s explore each of these advantages in detail, so you’re clear on how to build that business case for prompt adoption:
Usability:
1. The program offers framework modules, which can be licensed independently or together, offering unlimited flexibility and cost savings for a demanding user.
2. Offers flexibility in customization and implementation, and supports multiple clients, currencies, and languages.
3. Its modules are extremely intuitive to use as it requires no coding.
4. It allows you to manage all types of insurance products, such as P&C, Auto, Life, Health, Specialty, Guarantee, Pension, Annuity, etc. without having to code anything; saving significantly in time and costs.
Accessibility:
1. Available and hosted as a web application or can be hosted in the cloud.
2. The agent portal is integrated into the policy administration system to support agents and direct customers.
3. Allows you to load and import data from Excel files
4. It makes integration with third parties and payment processes easy and flexible.
5. No programming needed to attach forms and print data on forms.
6. Generates policy data as tokens and prints the policy data in real time on forms.
7. Easily load forms based on rules.
8. Maintains a repository of basic forms, coverage forms, ACORD forms, opt-out forms for various product lines and maintains them separately in different file subnets for easy access.
9. It can be integrated with multiple policy processing systems mainly through API or XML.
10. Organize forms by type of form.
11. Allows the configuration of forms for the printing of policy data according to existing templates (from the client).
12. Generates placeholders or tokens to be placed on forms for policy data at form generation/print time.
13. Attachment forms based on user defined sequence.
Configurability:
1. It is a self-service product, using role-based configuration and standard workflows that users can configure based on their unique business needs.
2. Issues and stores all policy data and documentation based on the product model and enables changes and modifications to be completed in a matter of hours instead of days.
3. Product version control allows you to maintain a single product using state, agency and client specific screens, with workflows defined by user role.
4. Business users can easily configure changes, without the intervention of database administrators.
5. Users can easily build new products from scratch without much effort or wasted time.
6. Users can define Shippers, Agents, Brokers, Distributors and their business information along with the mapping of their producers and products.
7. Supports all policy transactions from Quick Quote, Policy Submission & Linking, Account Creation, Quotes, Policy Administration, Endorsements, Renewals, Cancellations, Reinstatements and Rewrites.
8. Standard policy states and next actions allow customers to configure workflows according to their needs and skip policy states that do not match their business needs. Automated out-of-sequence backup comes as an added feature.
9. Its qualification module allows the maintenance of multiple qualification tables without duplication, providing a faster response and better performance due to the execution of qualification steps based on rules, increasing the hit rate and ensuring better performance .
10. Integration with built-in subscription module, rating module and forms module provides quick responses from each support module and completes the quote/policy transaction in no time.
11. Your subscription module integrates with multiple systems, allowing business rules, regulatory rules, and user-specific rules to be set up in one location and making them easy to maintain. Supports searching for existing rules, decision tables, and scorecards, and defines assignment rules and sets expiration dates.
12. Its reporting module allows users to generate the reports manually and also trigger reports by defining the frequency of the reports automatically. It also offers many standard reports and allows users to configure custom reports.
13. Offers role-based dashboards for carriers, agencies, brokers, and other dealers.
14. It also provides flexibility to integrate with any external system.
15. Supports manual and automated policy processing.
Visualizing the benefits in time, money and resources of adopting such a system should be very easy after this detailed explanation. Talk to us to set up a demo of these capabilities and benefits to understand how they can help you improve your business processes and flexibility. That would help you make an informed decision and avoid paying an exorbitant price for an ineffective product meant to replace your legacy system, but that offers no return on investment and may even affect your business continuity.