As technology and markets continue to evolve, customers are expecting insurance software to match the experiences they’ve grown accustomed to in other industries‒personalized, digital and on-demand.
Insuretech is booming, creating a transformation of the life insurance industry. The question has become – what can carriers do to ensure they come out on top during this evolutionary period? The short answer is – adopt a modern policy administration system that provides true value and performance. This means, implementing a PAS that is scalable and flexible. Below are the 5 major characteristics to look out for when selecting a modern PAS solution.
- A cloud-based Software as a Service (SaaS) model
You don’t have to buy hardware or licence software if you use the SaaS operating model. Additionally, you are not responsible for the servicing, updating or maintenance of the software. Instead, you are paying a monthly charge to a service provider that will install, setup, integrate, maintain and manage your PAS. The PAS can be hosted on the cloud solution of your choice. Cloud, plus SaaS, gives carriers increased flexibility, easy scalability, low cost, the availability of remote access and reduced IT risk for your organization.
- Out of the box solution
An “out-of-the-box” solution means that the PAS comes pre-configured, ready to go. Implementation is fast and carriers still get the benefit of robust functionality and flexibility. For example, Equisoft / manage is an “out-of-the-box” solution, which means it’s a ready, tried, and tested product. The built-in business processes are designed and built based on the company’s experience on dozens of successful modernizations over more than two decades.
- Client self-service portal
As mentioned earlier, customers today expect the same digital experience in insurance that they receive in other industries. This includes quick and efficient responses to customer service claims. It’s important to implement a PAS that will support on-demand, easy access to information that a self-service portal requires. In addition to the resource and cost saving aspect of this feature, it also helps facilitate the service process for advisors and agents and improves the overall customer experience.
Self-service portals are rapidly gaining traction in the industry. They allow agents and their clients to access policy information, make changes, see pending tasks and obtain commission reports. By permitting new clients visibility on the application process, and the ability to apply/get approval to policies almost instantaneously, the sales cycle is reduced significantly–hence increasing customer satisfaction dramatically.
- Low-code/no-code solution
The market is constantly evolving, and you want to be able to pivot at a moment’s notice. With old legacy system product changes and new product development required new code to be written and time to market could be measured in years.
A low-code/no-code PAS insurance means you don’t have to change the code or write new code to make changes to an insurance policy product or build a new product. This makes it easy for non-technical people to use built in rules to create product features and integrate new products quickly, adding flexibility to your organization. A low-code/no-code solution saves time getting products to market, uses fewer resources and reduces costs.
- Third party integrations
Finally, it’s important that a modern PAS can successfully integrate with third-party solutions and create a seamless end-to-end solution. Life insurance carriers heavily depend heavily on a variety of applications in order to operate efficiently in what amounts to an insurance technology ecosystem. The PAS has to be able to easily integrate with internal systems like accounting or ERM, and it also has to work with external systems like MIB and Milliman.
All in all, replacing the aging policy admin system software that prevent you from delivering on modern customer expectations is the foundation of a true digital transformation. Modern systems, hosted in the cloud, and operated on a SaaS model, deliver access to data, API integrations, flexibility, easy and fast product development. Ultimately, they are based on which an insurer will be able to drive client engagement and grow as the industry evolves. If you are an insurance agency, we insist you must go through another awesome product – Equisoft / centralized insurance agency management system and look for its features.