Usability, Accessibility, and Configurability in a SaaS-Based Portal Package
Insurers who resist change and continue to depend on their aged Policy Administration Systems are missing out on the amazing advantages offered to them by the new age SaaS-based PAS which offer amazing advantages and enhanced usability, accessibility and configurability. This article addresses these aspects and lists the advantages offered by a PAS to enhance the competitive edge of an insurer. All PAS systems do not offer such advantages and some truly fail to replace the legacy system, wasting the time and resources of an insurer and setting them back. Hence, it is important for an insurer to be well-informed and aware of the capabilities of a PAS and the benefits offered by adopting it.
Insurers who stay dedicated to their timeworn Policy Administration Systems fail to realize that their devotion is affecting their competitiveness in the market by slowing their sets down and restricting their ability to introduce new products to the market.
One way to reverse this slow and steady decline is to adopt a Saas-based portal which will be your new Policy Administration System. Enjoy its sustain across the value chain, from product development to the payment of benefits and administer the insurance products with unsurpassed agility. This is possible with a well-designed SaaS-based product because of its usability, accessibility and configurability. Let’s analyze each of these advantages in detail, so that you will have clarity on creating that business case to suggest its immediate adoption:
1. The program offers framework modules, which can be licensed independently or together, offering unlimited flexibility and cost savings to a discerning user.
2. Offers flexibility in customization and deployment, and supports multiple clients, currencies and languages.
3. Its modules are extremely intuitive to use as it requires no coding.
4. Allows you to administer all types of insurance products, like P&C, Auto, Life, Health, Specialty, Warranty, Pension, Annuity, etc. without having to code anything; saving considerably on time and costs.
1. obtainable and hosted as a Web application or can be hosted on the cloud.
2. The Agent portal is integrated into the Policy Administration System to sustain Agents and Direct customers.
3. Allows data upload and import of Excel files
4. Makes integration with third party and payment processes easy and flexible.
5. No Programming is needed for attaching forms and printing data on forms.
6. Generates policy data as tokens and prints the real-time policy data on forms.
7. Easily uploads rule-based forms.
8. Maintains a repository of Base forms, Coverage forms, ACORD forms, exclusion forms for various product lines and maintains them separately in different file subnets for ease of access.
9. Can integrate with multiple policy processing systems chiefly by APIs or XMLs.
10. Organizes forms according to the form kind.
11. Allows configuration of forms for the printing of policy data as per the existing (customer’s) templates.
12. Generates placeholders or tokens to be placed on the forms for policy data at the time of form generation/printing.
13. Attaches forms based on the user-defined ordern.
1. It is a self-service product, which uses role-based configuration, and standard workflows which can be configured by users to their rare business needs.
2. Issues and stores all policy data and documentation as per the product form and enables changes and alteration to be completed in a matter of hours, instead of days.
3. Product versioning allows a single product to be maintained using state-specific, agency-specific and customer-specific screens, with the workflows being defined by user’s role.
4. Business users can easily configure changes, without intervention from DB administrators.
5. Users can build new products from scratch easily, and without much effort or loss of time.
6. Users can define Carriers, Agents, Brokers, Distributors and their business information along with mapping their producers and products.
7. Supports all policy transactions from Quick Quote, Policy Submission and Bind, Account creation, Quotes, Policy Administration, Endorsements, Renewals, Cancellations, Reinstatements and Rewrites.
8. Standard Policy Statuses and next Actions allow customers to configure the workflows as per their need and bypass the policy statuses which do not match their business need. Automated out-of-ordern endorsement comes as an additional characterize.
9. Its rating module allows the maintenance of multiple rating tables without duplication, delivering faster response and improved performance due to the execution of rule-based rating steps, increasing the hit rate and ensuring better performance.,
10. Integration with inbuilt underwriting module, rating module and forms module delivers fast responses from each supporting module and complete the quote/policy transaction in no time.
11. Its underwriting module integrates with multiple systems, allowing the business rules, regulatory rules, and user-specific rules to be configured in a single location and makes its maintenance easy. It supports searching of existing rules, decision tables, and scorecards and defines assignment rules and sets due dates.
12. Its reporting module allows users to generate the reports manually and also to cause reports by defining the frequency of reports automatically. It also offers many standard reports and enables users to configure customized reports.
13. Offers role-pushed dashboards for Carriers, Agencies, Brokers and other Distributors.
14. Provides flexibility to integrate with any external system in addition.
15. Supports both manual and automated policy processing.
Visualizing the benefits in time, money and resources from adopting such a system must be really easy after this detailed explanation. Talk to us to set up a demonstration of these capabilities and benefits to understand how they can help to enhance your business processes and flexibility. That would help you to make an informed choice and avoid paying an expensive price for an ineffective product meant to replace your legacy system, but offers no return on investment and may already affect your business continuity.