Insurance companies who are resistant to changes and rely on their outdated Policy Administration Systems are missing out on the fantastic benefits provided by the modern SaaS-based PAS that offer incredible benefits and improved access, usability and flexibility. This article discusses these aspects and provides the benefits provided by an PAS that can enhance the competitive advantage of an insurance company. It is important to note that all PAS systems don’t offer these advantages, and some do not replace the old system, thus consuming the time and money of an insurance company and slowing them down. Thus, it’s crucial that an insurance company is fully informed and aware of the features of a PAS as well as the benefits it can bring through its adoption.
Insurance companies that remain devoted to their outdated Policy Administration Systems fail to be aware that their loyalty affects their competitiveness in the marketplace by slowing down their service and hindering their ability launch new products on the market.
One option to stop this slow but constant decline is to implement an Saas-based portal that will become the new Policy Administration System. Get support throughout every step of value chain, right from the development of products to the distribution of benefits, and managing the insurance policies with unparalleled flexibility. This is achievable with an efficient SaaS-based service due to its ease of use as well as its accessibility and configuration. Let’s look at the advantages of each in depth to ensure that you be able to create a clear business case for rapid adoption
1. The framework program has modules that can be licensed either separately or in conjunction providing the flexibility to be flexible and cost savings for the most discerning users.
2. Flexible in customizing and deployment. Also can support different clients, currencies, and languages.
3. The modules are very easy to use since they do not require any programming.
4. It allows you to manage any type of insurance such as P&C, Auto, Life, Health, Specialty, Warranty, Pension, Annuity, etc. without needing to code anything. It can save substantially on time and expenses.
1. It is available and hosted as a Web application, or hosted in the cloud.
2. This Agent Portal is integrated with the Policy Administration System to support Agents as well as Direct customers.
3. allows data transfer and the importation of Excel spreadsheets
4. Integration with third-party and payment processes simple and flexible.
5. There is no programming required for attaching forms or printing the data on forms.
6. Produces policy information as tokens and prints the current policy information on forms.
7. It is easy to upload rule-based forms.
8. Maintains an archive that contains Base form, Coverage forms ACORD forms Exclusion forms for various products and stores separate files in various subnets of the file system to allow for easy access.
9. Integrates with multiple policy processing systems , primarily via APIs and XMLs.
10. Forms are organized according to kind of form.
11. The form can be customized to permit the printing of data for policies according to the current (customer’s) forms.
12. Generators placeholders or tokens that are to be used on forms to record policy information during form printing.
13. Attaches forms on the basis of the sequence that is defined by the user.
1. It is a self-service application that makes use of roles-based configuration and standard workflows that are modified by users according to their specific business requirements.
2. Issues and records all policies and documents according to the model of the product and allows modifications and modifications to be done in just a few hours instead of weeks.
3. Versioning of products allows for the same product to be updated using specific state-specific, agency-specific, and customer-specific screens, with workflows being determined by the the user’s role.
4. Business users can quickly make changes without assistance by DB administrators.
5. Customers can design and build products with ease and with minimal effort or losing time.
6. Users can identify agents, brokers, carriers, Distributors and their business information , and also map their products and producers.
7. Supports all transactions that are part of a policy, including Quick Quote Policy Submission, Bind. Accounts are created Quotes Policy Administration, Endorsements renewals, cancellations Reinstatements, Rewrites and Reinstatements.
8. Standard Policy Statuses and Next Actions enable customers to set the workflows to meet their needs and to bypass policy statuses that don’t correspond to their business requirements. Automated out-of-sequence endorsement is an additional option.
9. The rating module allows for the maintenance of multiple rating tables , without duplicates, providing quicker response time and better performance because of the execution of rating procedures based on rules increasing the rate of hit and providing better performance.,
10. Integration with the inbuilt underwriting module along with the rating module, forms and module gives quick responses from all modules and concludes the quote/policy transaction in a flash.
11. The underwriting module is integrated with multiple systems, which allows the business rules, regulatory rules along with user-specific guidelines to set up in one place and allows for its maintenance to be simple. It allows searching of current rules and decision tables and scorecards. It also determines assignment rules and assigns deadlines.
12. The module for reporting allows users to create reports manually. It also allows users to trigger reports using how often reports are generated automatically. It also comes with a range of regular reports and allows users to create custom reports.
13. Provides dashboards based on role for Carriers Agents, Brokers, and other Distributors.
14. Allows for the integration of any other system, as well.
15. It supports both automated and manual processing of policies.
The benefits that can be seen in the form of time, money and resources that come from adopting this type of system should be easy following this thorough explanation. Speak to us about setting an appointment to show you these capabilities and advantages to discover how they aid in improving your business processes and increase flexibility. It will allow you to make an informed decision and avoid paying an expensive cost for an unproductive product that is designed to replace your old system, but that offers no ROI and could even impact your continuity of business.
Prime insurance solutions provides advanced proprietary analytics that are cutting-edge. Our expertise has proven successful by streamlining traditional business processes like enrollments as well as underwriting, claims and customer support.