Insurance companies that resist change and remain dependent on their old Policy Administration Systems are missing out the incredible benefits offered by the SaaS-based PAS. These amazing advantages include enhanced usability, accessibility, and configurability. These aspects are addressed in this article. We will also list the benefits of a PAS that can help an insurer increase its competitive edge. These advantages are not available to all PAS systems. In fact, some PAS systems can’t replace legacy systems. This wastes time and resources and sets insurers back. An insurer should be knowledgeable about the capabilities and benefits of a PAS system and how to adopt it.
Insurance companies that remain loyal to their old Policy Administration Systems don’t realize the impact this has on their market competitiveness. It slows down their services and limits their ability to bring new products to market.
Adopting a Saas-based portal that will serve as your Policy Administration System is one way to reverse this slow, steady decline. It will support you throughout the entire value chain, from product design to payment of benefits. You can also administer your insurance products with unparalleled agility. Because of its accessibility, usability and configuration, a SaaS-based product is easy to use. Let’s take a look at each one in detail so you can create a business case for its adoption immediately.
Usability:
1. Framework modules can be licensed separately or together. This allows for unlimited flexibility and costs savings, making the program ideal for discerning users.
2. Flexible customization and deployment. Supports multiple clients, currencies, and languages.
3. Because it does not require any coding, its modules are very intuitive to use.
4. This software allows you to manage all types of insurance products, including P&C, Auto, Life, Health, Specialty, Warranty, Pension, Annuity, and P&C. You don’t have to code anything, which saves you time and money.
Accessibility:
1. Available as a Web app or on the cloud.
2. To support Agents as well as Direct customers, the Agent Portal is integrated into Policy Administration System.
3. Excel file import and data upload possible
4. Integration with third-party and payment systems is easy and flexible.
5. For attaching forms or printing data to forms, no programming is required.
6. This tool generates policy data tokens and prints real-time policy information on forms.
7. Upload rule-based forms easily
8. For ease of access, maintains a repository for Base forms, Coverage Forms, ACORD forms, and exclusion forms for different product lines.
9. Integrates with multiple policy processing system primarily via APIs or XMLs.
10. Organise forms according to form type.
11. This allows you to create forms that allow the printing of policy data according to the customer’s templates.
12. At the time of the form generation/printing, generates placeholders and tokens that can be used to place policy data on the forms.
13. Attachments forms are based on the user-defined sequence.
Configurability:
1. It’s a self-service product that uses role-based configuration and standard workflows. Users can customize it to meet their business needs.
2. All policy data and documentation according to the product model are stored and issued. This allows for changes and modifications to be made in hours instead of days.
3. Product versioning allows for a single product to remain current using state-specific, agency specific, and customer-specific screens. The workflows are determined by the user’s role.
4. Changes can be made by business users without the intervention of DB administrators.
5. It is easy to create new products from scratch, without any effort or loss of time.
6. The user can create a list of Carriers, Brokers, Agents, Distributors, and their business information. They can also map their producers and products.
7. All policy transactions supported, including Quick Quote, Policy Submission, Bind, Account Creation, Quotes and Policy Administration. Endorsements and Renewals, Cancellations and Reinstatements are all possible.
8. Customers can configure their workflows according to their needs and skip any policy statuses that do not suit their business. Next Actions and Standard Policy Statuses are available. As an added feature, automated out-of-sequence endorsement is available.
9. Its rating module permits the maintenance of multiple rating table without duplication. The execution of rule-based rating step can increase the hit rate and ensure better performance.
10. Integration with the inbuilt rating module, underwriting module, and forms module provides fast responses from all supporting modules and completes the quote/policy transaction in no-time.
11. The underwriting module can be integrated with multiple systems. This allows the user-specific, regulatory, and business rules to all be set up in one place. It also makes it easy to maintain. It allows you to search for existing rules, scorecards, and decision tables. Additionally, it defines assignment rules and assigns due dates.
12. The reporting module of the software allows users to create reports manually or to trigger reports by setting the frequency. You can also create custom reports or use existing reports.
13. Provides role-driven dashboards to Carriers, Agencies and Brokers, as well as other Distributors.
14. It allows you to easily integrate with any other system.
15. Both manual and automatic policy processing are supported
After reading this explanation, it should be easy to see the savings in time and money. To learn more about how these systems can improve your business’ flexibility and processes, talk to us. This would allow you to make informed decisions and not pay too much for an inefficient product that will replace your legacy system. However, it may also help to reduce the risk of your business losing its continuity.