The Policy Administration System (PAS) is designed to help insurers – life and non-life insurers – operate efficiently and achieve optimal results. This article emphasizes the need for PAS for insurance companies.
Customer information is a lifeline for any insurance company
Customer information is vital for any insurance company. They literally run on customer information. Therefore, the management and maintenance of the information is the main responsibility of the company. Even a very minor problem in this information will cause irreversible damage to the company’s reputation.
software systems for managing records
Previously, creating, updating and deleting the records was done manually, which was cumbersome because the task was tedious and required multiple people and took a lot of time.
Another major challenge for insurance companies at that time was to verify and correct the errors that occurred during manual operation. But with the latest developments in technology, insurance companies started using software packages to work effectively, and today they offer better service to their customers and save resources.
PAS is an insurance software that manages customer data and performs other activities like billing, invoicing, claims adjustment, etc. Therefore, it is beneficial for the insurance company to have PAS. It has become indispensable for insurance companies today.
PAS is an inexpensive and error-free system
• PAS was able to effectively manage large amounts of customer records. The electronic maintenance of the records reduces the associated paperwork.
o PAS’ ‘Record Manager’ records and stores the information of each new customer. It updates records with timely changes and deletes records once the policy is settled. At the same time, PAS ensures that no data is lost in the process.
o PAS validates customers’ data as it moves through the workflow and notifies the organization of compliance issues and alerts, if any.
o Effective record management enables accurate functioning.
• PAS provides an interface that makes it easy for any employee to enter data or find information to serve customers. Programming knowledge is not required to work with PAS.
• PAS makes billing easy. It accurately calculates the billing amount based on the stored data.
o Claims handling is an important aspect of an insurance company as any mistake in claims handling will damage the reputation of the company. PAS can avoid all of this.
• PAS is also able to perform billing and invoicing activities of the company. It has a built-in tax calculator that accurately calculates tax and performs fair billing.
PAS not only manages and maintains the records effectively, but also helps to reduce workload, avoid data loss and save costs for the company by reducing resource consumption.