Before they approve the purchase and implementation of a policy administration system, insurers want technology that integrates seamlessly with existing solutions to increase agility and speed to market.
Insurance policy administration systems had large structures and could only perform limited functions, with little ability to integrate outside of the back-office or with distribution channels.
Flexible & functional systems of administration
However, as the flexibility of functionality in these systems has increased in tandem with the pervasiveness of the Internet and social media, modern policy administration systems now face virtually no constraints on distribution channels.
Companies were forced to write or edit code whenever they wanted to make a change in a product or roll out innovations with older policy administration software.
Companies today require componentized, flexible integration points with the adaptability that comes with the purchase. Before they approve the purchase and implementation of a policy administration system, they do the needful speculation of the work.
Policy administration software is now an essential and growing part of every insurer’s business model, from the first contact to the back office. Hardwired, rigid systems that are unable to scale or adapt to changes in regulatory laws, market shifts, and customer preferences have become a hindrance to success and profitability.
Successful insurers carries new ways
Successful insurance carriers, on the other hand, are discovering new ways to extract untapped value from their internal operations through various forms of business process automation, as well as using policy administration technologies to add value by providing loss prevention and mitigation in addition to traditional indemnification.
As the technology that makes up policy administration systems becomes more flexible and powerful, Chief Information Officers and Chief Technology Officers are demanding that these systems help advance key business goals.
It offers a fueling collaboration by freeing underwriters and IT from manual processes and providing an intuitive technology experience for both insurance professionals and policyholders.
Versatile technology with simple usage
More people want to use technology that is more versatile and simple to use. The virtuous circle of the network effect can help the value of policy administration technology snowball as more people use it.
Insurers must serve customers on their preferred device. Future applications will be most successful if they are designed to work seamlessly across desktop, tablet, and phone platforms rather than being optimized for specific devices at the expense of others.
Fortunately, out-of-the-box GUI infrastructure now includes advanced capabilities for optimizing desired screen real estate and designing a layout to fit, making device-agnostic solutions much easier to develop.
All professional insurers want technology that integrates seamlessly with existing solutions to increase agility and speed to market. Insurance underwriting software solutions are being used in favour of the policy system to run it smoothly and store the perfect details.
Gone are the days when a policy administration solution could simply promote its system as rule-based in order to differentiate itself from the competition.
Previously, the desktop was the guiding platform for system development, and mobile requirements were treated as an afterthought. Today, the inverse is true.
Today, the functionality is built into all relevant systems. The term “rules-based” simply means that the system incorporates the business or underwriting rules.