Vice Pres­i­dent Prod­uct Man­age­ment Adap­tik Cor­po­ra­tion

Digital Insurance - - STRATEGIES -

For in­sur­ers seek­ing to de­ploy an au­to­mated un­der­writ­ing sys­tem, what sort of pri­or­ity should they place on in­te­grat­ing that sys­tem with their pol­icy ad­min­is­tra­tion sys­tem? How im­por­tant is it to in­te­grate front of­fice pro­ce­dures and data with back of­fice pro­ce­dures and data?

In­te­gra­tion of any un­der­writ­ing so­lu­tion with the pol­icy ad­min­is­tra­tion sys­tem should be an ab­so­lute pri­or­ity. Much more than en­sur­ing a holis­tic view of a risk, it sets the stage for seam­less ef ciency and for han­dling sub­se­quent pol­icy ac­tiv­ity as ju­di­ciously as new busi­ness. The in­te­grated so­lu­tion min­i­mizes hand­offs, max­i­mizes through­put, and pro­vides for qual­ity un­der­writ­ing through­out the pol­icy life-cy­cle. The com­bined re­sult can be su­pe­rior cus­tomer ser­vice along with an im­proved car­rier bot­tom line.

Can mar­ry­ing your pol­icy ad­min­is­tra­tion sys­tem to your un­der­writ­ing sys­tem im­prove the qual­ity of the data that both sys­tems rely on? Given that each sys­tem re­lies on sep­a­rate data sources, would man­ag­ing that data be­come more dif­fi­cult, or are there ad­van­tages to man­ag­ing a sin­gle, larger but more com­plex data set?

A tenet of good data man­age­ment says to store data in its proper home. Stay away from the slip­pery slope of try­ing to keep the same data up­dated in more than one sys­tem. If your un­der­writ­ing sys­tem can reach out for data when it needs it, data doesn’t have to be in just one sys­tem. In­te­grat­ing your pol­icy ad­min­is­tra­tion sys­tem with your un­der­writ­ing so­lu­tion keeps data in its proper home. Your un­der­writ­ing so­lu­tion can fo­cus on the busi­ness of gath­er­ing and doc­u­ment­ing the in­for­ma­tion needed for the un­der­writ­ing de­ci­sions while the pol­icy ad­min­is­tra­tion sys­tem stays in charge of the quot­ing and pol­icy in­for­ma­tion.

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