Vice President Product Management Adaptik Corporation
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.