Does the Policy Administration System You’re Considering Check All the Boxes?
Competition in the insurance industry is getting fierce. To compete with both emerging insurtechs and giant traditional insurance carriers, you need an agile, tech-forward system with progressive capabilities.
If you select the wrong system, it could leave you running in place while your competition races ahead. Make sure your new policy administration system checks all the boxes.
Keep Up with Current – and Future – Trends
The insurance industry is changing, and it’s happening even faster than expected. According to McKinsey & Company, the COVID-19 Pandemic accelerated digital transformation. In July 2020, 58% of customer interactions were digital. In December 2019 – only about half a year earlier – a mere 36% of customer interactions were digital.
There’s no going back. In insurance, digitization impacts everything from the underwriting to the claims process. With the right policy administration system, insurers can seize upon new opportunities in the direct-to-consumer sales model, online shopping and more.
Back in 2019, no one knew that a pandemic would create new demand for more digital options. Today, no one knows what tomorrow will bring – but the right policy administration system can help you face it.
Don’t Go into a Demo Unprepared
Before you commit to a new policy administration system, you’ll see a few demos. That’s smart – but it may not be enough. A policy administration system involves a lot of moving parts. When you watch a demo, it’s easy to get distracted by features that look impressive. When that happens, you might fail to notice what’s missing. For example …
- Does it have all the binding features you need, like electronic signatures and insured self-registration?
- Does it have all the underwriting features you need, like premium and cash adjustments and automatic disbursements?
- Does it have all the reporting features you need, like bank reconciliation and exposure calculation?
- Does it have all the policy features you need, like electronic messaging and a rate change factors export?
- Does it have all the system features you need, like workflow management and batch mail and paperless templates?
- Does it have all the claims features you need, like full claim diary and reassignment of adjusters?
- Does it have all the direct-to-consumer sales features you need, like upselling and email quote capability?
And these features are just the tip of the iceberg. There’s a lot more to consider.
How to Keep Track of Everything
When comparing policy administration systems, you need to be methodical. We’ve put together an ultimate checklist of 110 capabilities to help. This free tool will help you assess each system carefully so you can make an apples-to-apples comparison.
Don’t wait another day. Get the Ultimate Buying Guide Checklist now.