CEO, Beyontec Solutions
How do the latest policy admin systems help carriers differentiate their offerings and respond more fully to customers’ expectations?
Most of the latest policy admin systems today come with built-in workflow and business rules engine that are embedded with policy administration module, and this helps carriers automate key business processes for better speed, accuracy, and cost efficiency. The workflow is automated throughout the policy issuance process right from a quick quote up to the policy issuance endorsement and renewals. The workflow feature also allows carriers to measure the response times of each process and are able to set realistic TAT across various groups resulting in continuous improvement of response times. Carriers can now exceed customer expectations and build customer delight.
Why does integrating an insurer’s policy admin and underwriting systems lead to better data and greater efficiencies? How does this help improve the competitive posture of the insurer?
By having policy admin and underwriting under one system, it helps insurers to have complete control on the underwriting process using automation and AI. Most insurers today are looking at systems which have all modules including claims integrated and available on one platform. By doing so they are able to get a 360-degree view of the customer not only from an underwriting standpoint but also from claims management standpoint. Having these modules integrated, insurers are able to improve efficiencies, upsell and cross sell to existing customers, and improve the retention levels while increasing the renewal percentage.