The insurance industry battles a plethora of issues, like market advancements, regulatory changes, demanding customers, aggressive competitors and a changing technology landscape which expects them to keep pace with it. Technology comes at a cost but delay is very expensive too. By the time the insurer starts evaluating the available options and plans to outgrow the cumbersome legacy system, the opportunity costs of not doing so cause the business to lose out on:
- Speed to market
- Regulatory compliance
- Performance and maintenance of the systems vis-a-vis handling the huge data and integrating with the number of external systems
- Ability to configure and launch new products or modify workflows without delays
- Support mobility
- Improve configurability
- Automate the end-to-end management
How do we ensure that the new Policy Administration System we acquired would be so configurable that it will be able to adapt to all our needs? The only solution is to make sure that it is configurable in such a way that it enhances your set of capabilities and responds flexibly to all your operational requirements. It’s also very important to have these capabilities within a user’s control, without requiring an intervention from a database administrator, which basically means not having to make any changes to the system’s programming or database.
Your new policy administration system will need to offer capabilities which enable it to have a flexible data architecture which makes all content configurable, which enable the following
- A user interface which allows changes to the elements on a page including its appearance, functionality, behavior, navigation on the page.
- Rating and underwriting rule changes and changes to date elements, with a drop-down list of available answers, changes to display characteristics and formatting of data and changes to the re-application or integration of data with external systems, across multiple products.
- Meets all the current needs of a user and also be able to dynamically support any business and technical requirements which may come up later on.
- Offers data capture, manipulation and storage of information in the system, without any programming or database changes.
- Offers effective page layouts with intuitive navigation which is rules-based, with all the business and underwriting rules incorporated within the system to comprehend the needs of a wide range of customers, products and scenarios.
- Allows the addition or removal of a variety of product entities, whether as packages or monoline products, while correctly representing all its attributes.
- Insurers can use technology to provide more options for filing a claim, including the uploading photos and videos, with increased speed and accuracy and reduced contact points with humans.
- As algorithms detect fraudulent claims more easily, claims handling is improving in efficiency. Data driven claim prevention can help decrease costs and deliver value by predicting actual risk and reducing premiums.
- Allows all the attribute values of product entities in a quote, optional or required coverage and itemizing it, pre-selecting or modifying the criteria applicable to the policy.
- Allows access to corporate databases which can act as reference entities for currencies, location details and other particulars which need to be added, removed or modified during the process of policy administration.
- Offers concurrent access for multiple users, to work concurrently on the same policy.
- Robust filtering and sorting capabilities with the ability to schedule and propagate changes to all or a selected set of items in one shot
- Allows you to add deductibles, introduce overrides, add rate factors, apply role-based settings, build new coverages applying different rates for each subclass.
- Allows a user to define the sequences, add rules, build scorecards, set up and follow workflows for review, referral and knock-out decisions.
- Allows searching as well as modification of existing rules, reports, decision tables, and scorecard and to define assignment rules and set due dates.
- Allows the automation of referral and notification processes as per user group characteristics.
- Allows multi-level configuration of roles and permissions against each user group and offers multilingual interface.
Make sure you look for such a progressive and adaptive system, which uses a configurable architecture which is not based on the service. It doesn’t require programming changes when we need to re-define a product entity. The content can vary dynamically throughout making the introduction of different products simple, allowing modified functionalities which may or may not share any attributes with the existing entities. Such configurability allows the system to operate in an agile, flexible and scalable manner, and to provide an exceptional performance in all contexts.