Insurers who refuse to see the changing times around them are bound to lose all their competitive advantage. The reality we face in 2019 is that the insurance industry cannot continue to be steeped in its old ways of functioning, and miss out on adopting the drivers of value and competitive differentiation being embraced by the strategic thinkers in the industry.
Change, for many, spells risk, expense or complexity. But by changing their Policy Administration System to something as hassle-free as the PRISE Policy Administration System (PAS), insurers can move to the next level in their business. They can improve the experience of their customers and meet their expectations by offering operational improvements and positive engagement. All the stakeholders in the insurance value chain – like policyholders, members, agents, brokers and partners – will find themselves relishing the newly optimized interactions.
The PRISE PAS is a policy module which delivers the usual conveniences like being the system of record for all policies. It also executes all the core policy processes like rating, quoting, issuing, endorsements and renewals. It is capable of handling the complexity brought into the policy issue process by customized coverages, exposures and risks. By taking over all these complex tasks, and supporting the complete insurance value chain, the PRISE PAS makes an insurer’s task hassle free. Let’s look at some of the ways it achieves this:
- The Policy module of PRISE PAS offers a unique combination of ease of use, simplicity, adaptability and customizability to its users. It also allows customers to configure the workflows as per their unique business needs.
- With PRISE Policy module, you can add accounts, create quotes and policies, process the policies and manage their administration.
- The module allows insurers to easily manage all policy transactions from Quick Quote, Policy Submission and Bind, Endorsements, Renewals, Cancellations, Reinstatements and Rewrites.
- Workflows can be configured and customized by users as per their need, bypassing the standard policy status if it does not match their business need.
- Users can use its automated out-of-sequence endorsement.
- Policy processing is supported through both manual and automated methods.
- All policies are issued and their data and documentation are stored as per the product model.
- The module allows users to configure role-driven dashboards for Carriers, Agencies, Brokers and other Distributors.
- It offers a role-based configuration to users using rules and workflows which can be easily defined by the users based on their business-specific requirements.
- It eliminates the need for a database administrator to make changes to the UI and use its product versioning feature, to maintain multiple versions of a single product.
- The module can be hosted as a web application or be hosted on the cloud, too.
- It can be integrated with inbuilt underwriting module, rating module and forms module to deliver fast responses from each supporting module and complete the quote/policy transaction in no time. The module also offers an unmatched flexibility to integrate with external systems also.
- Enjoy the Prise advantage as you quickly start issuing policies, building coverage, endorsements, underwriting rules, rates and forms from scratch, at ease.
- Business users save a lot of time and effort, with bulk data upload and import, owing to the excel import and export features of Prise, when they need to add agency transfer information, producer’s information, or various risks information, etc.
- Complex requirements can also be handled easily with its customized screens and user-guided implementation.
It's time the insurance sector stopped lagging behind on its efforts to adopt technology to enhance customer engagement. Savvy carriers are leveraging technology to mine data from enterprise systems and tracking interaction history, wearables, sensors, and public sources to understand each consumer at each unique moment to formulate the next best action for that policyholder. The data in-turn is making it possible for insurers to deliver personalized offers, better renewal options, retention plans, service tasks, and triggering alerts or reminders. Transform every customer touch point with PRISE PAS leveraging its analytics and decision-making capabilities to drive the optimal business outcomes. To learn how, call us for a demo.