Vivek Sethia

CEO, Bey­on­tec So­lu­tions

Digital Insurance - - POLICY ADMINISTRATION - CON­TACT IN­FOR­MA­TION Vivek Sethia, CEO, Bey­on­tec So­lu­tions email: [email protected]­on­ call: 940-294-8080

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.

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