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Insurers who resist change and continue to rely on their legacy policy administration systems are missing out on the amazing benefits offered by the new age SaaS-based PAS, which offers amazing benefits and improved usability, accessibility and configurability. This article looks at these aspects and lists the benefits that a PAS offers to improve an insurer’s competitiveness. Not all PAS systems offer such benefits, and some do not actually replace the legacy system, wasting and setting back an insurer’s time and resources. Therefore, it is important for an insurer to be well informed and aware of the possibilities of a PAS and the benefits of introducing it.
Insurers who remain devoted to their outdated policy administration systems fail to realize that their dedication is hurting their ability to compete in the marketplace, slowing down their services and limiting their ability to bring new products to market.
One way to reverse this slow and steady deterioration is to adopt a SaaS-based portal that will be your new policy management system. Enjoy support along the entire value chain, from product development to benefit payment, and manage insurance products with unmatched agility. This is possible with a well-designed SaaS-based product due to its ease of use, accessibility, and configurability. Let’s examine each of these benefits in detail so that you have clarity in creating this business case to propose its immediate adoption:
User friendliness:
1. The program offers framework modules that can be licensed individually or together, offering unlimited flexibility and cost savings to a demanding user.
2. Provides customization and deployment flexibility, and supports multiple clients, currencies, and languages.
3. Its modules are extremely intuitive to use as no coding is required.
4. Allows you to manage all types of insurance products, such as P&C, Auto, Life, Health, Specialty, Warranty, Annuity, Annuity, etc. without coding anything; significant time and cost savings.
Accessibility:
1. Available and hosted as a web application or hosted in the cloud.
2. The agent portal is integrated with the policy management system to support agents and direct customers.
3. Allows data upload and Excel file import
4. Makes integration with 3rd party and payment processes easy and flexible.
5. No programming is required for attaching forms and printing data on forms.
6. Generates policy data as tokens and prints the real-time policy data on forms.
7. Easy upload of rule-based forms.
8. Maintains a repository of Basic Forms, Coverage Forms, ACORD Forms, Exclusion Forms for different product lines and manages them separately in different file subnets for easy access.
9. Can be integrated with multiple policy processing systems mainly via APIs or XMLs.
10. Organizes forms by form type.
11. Allows configuration of forms for printing policy data according to existing (customer) templates.
12. Generates placeholders or tokens to be placed on forms for policy data at form generation/printing time.
13. Appends forms based on custom order.
Configurability:
1. It is a self-service product that uses role-based configuration and standard workflows that can be configured by users according to their unique business needs.
2. Creates and stores all policy data and documentation according to the product model and allows changes and modifications to be implemented in hours instead of days.
3. Product versioning allows maintenance of a single product using country-specific, agency-specific, and customer-specific screens, with workflows defined by the user’s role.
4. Business users can easily configure changes without any intervention from DB admins.
5. Users can easily create new products from scratch without much effort or loss of time.
6. Users can define carriers, agents, brokers, dealers and their business information along with the mapping of their manufacturers and products.
7. Supports all policy transactions of Quick Quote, Police Submission and Bind, Account Creation, Quotes, Police Administration, Endorsements, Renewals, Cancellations, Restatements and Rewrites.
8. Default Policy States and Next Actions allow customers to configure the workflows according to their needs and bypass the policy states that do not meet their business needs. The automated out-of-sequence confirmation is added as an additional function.
9. Its scoring module allows managing multiple scoring tables without duplication, achieving faster response and improved performance due to the execution of rule-based scoring steps, increasing the hit rate and ensuring better performance.,
10. Integration with the integrated underwriting module, rating module and forms module provides quick responses from each supporting module and completes the quote/policy transaction in the shortest possible time.
11. The underwriting module integrates with multiple systems, allowing configuration of business rules, regulatory rules and custom rules in a single place, simplifying maintenance. It supports searching of existing rules, decision tables and scorecards and defines assignment rules and sets due dates.
12. The reports module allows users to generate the reports manually and also trigger reports by defining the frequency of the reports automatically. It also offers many default reports and allows users to configure custom reports.
13. Provides role driven dashboards for carriers, agencies, brokers and other distributors.
14. Provides flexibility to integrate with any external system.
15. Supports both manual and automated policy processing.
After that detailed explanation, it must be really easy to visualize the benefits in terms of time, money and resources of adopting such a system. Talk to us to demonstrate these features and benefits and understand how they can help improve your business processes and agility. That would help you make an informed decision and avoid paying an exorbitant price for an ineffective product that is designed to replace your legacy system but offers no return on investment and may even affect your business continuity.
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