Insuranceciooutlook

Desired Features Of An Insurance Policy Administration System

Insurance CIO Outlook | Monday, April 04, 2022

Insureds require and expect instant access to their policy information, which they frequently have to request from their agents. These requests add to the workload of agents who are already overburdened, and they can be inconvenient for policyholders who need answers quickly.

Fremont, CA: Insurance companies are challenged to meet the demands of an ever-changing world, with complex administrative processes and heavy workloads. Policyholders have high expectations for self-service and quick access to information, and competition is fierce. Both agents and insureds can experience inefficiency and frustration as a result of manual processes and disjointed workflows.

You can differentiate your organization from the competition, improve employee and customer satisfaction, and generate significant operational savings by implementing a modern insurance policy administration system. The right technology can boost productivity, improve employee skill sets, and provide more value to insurers, all of which can result in a high return on investment.

Choosing a policy administration system is an important decision with many factors to consider. When evaluating policy admin software, keep these features in mind:

Streamlining Workflows with Automation: A single insurance policy can generate a significant amount of documentation and labor-intensive tasks. With ever-increasing volumes of policies to manage, even the most experienced agents can benefit from automating workflows. Automation can be especially beneficial for generating renewals, issuing new policies, providing quotes, making changes to existing policies, and minimizing data entry. By automating more routine elements of the policy administration process, agents can focus more on providing personalized service to insureds.

Offering Self-Service Options for Insureds: Insureds require and expect instant access to their policy information, which they frequently have to request from their agents. These requests add to the workload of agents who are already overburdened, and they can be inconvenient for policyholders who need answers quickly. You can improve satisfaction for your insureds and agents alike by selecting Insurance Policy Administration Software with self-service capabilities. Insureds can use self-service to view proposals and policy history, pull reports and certificates, and access other authorized information. Self-service capabilities can help you achieve better customer satisfaction and business retention because today's insureds value immediate access to their information.

Managing the Entire Lifecycle of a Policy: The ideal Insurance Policy Administration System should be a one-stop-shop for all of your insurance needs. Your users should never be required to exit the system in order to complete tasks such as rating and allocation, quotes, certificates, invoices, reporting, renewals, diaries, or endorsements. Having this information available in a centralized system can significantly improve efficiency as well as provide a better experience for your agents and insureds.

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