A modern insurance policy administration system can help insurers, risk pools, and other organizations meet key business objectives, like reducing the time and resources dedicated to manual processes, as well as meeting policyholders' expectations for self-service. Yet, every organization has a unique set of needs. What's the best way to identify those needs and define how a technology solution can meet them?
Our experience has shown that answering the questions below can help to define the needs that insurance policy administration software can meet. Our experience has also shown that these systems can help shape a stronger insurance unit, leverage and enhance employee skill sets, and deliver increased value to insureds. And the return on investment is often very strong for organizations: key performance indicators related to productivity often improve while management of the policy lifecycle is enhanced.
If your policy administration processes and systems aren't delivering the value you'd like to achieve, today's systems can get you where you want to be. The first step is identifying your needs. Answering the questions below can start you on the road to upgrading your policy administration technology.
TIME AND RESOURCES DEDICATED TO MANUAL PROCESSES
For self-insured organizations, automation is the key to increased employee productivity. Automation releases teams from arduous manual processes and unleashes their full potential. To determine your organization's specific needs, start by answering these questions:
1. What types of processes are currently in place?
2. Where are the pain points?
3. How are manual processes slowing down the organization?
4. How are reports produced and shared?
5. How is data collected and stored?
MEETING THE INSURED’S EXPECTATIONS FOR SELF-SERVICE
Self-service increases retention and provides a platform for insurers to communicate with policyholders—while eliminating the need for print mailings. How effectively are you meeting your policyholders' expectations for self-service?
6. How much time is spent on dated communication models?
7. Would your organization benefit if employees had more time for strategic programs that aided policyholders and the bottom line?
8. Do policyholders have easy access to automobile ID cards, declaration pages, and certificates of insurance?
9. Are you using error-prone spreadsheets as your system of record?
MAINTAINING DATA INTEGRITY
The goals here are to keep the data in one secure location, receive accurate questionnaires that don’t require double entry, and build an infrastructure that will last. How are you doing on those objectives?
10. Is there a central, secure system of record?
11. What is your process for managing policy renewal data?
12. Do you have an efficient audit report?
13. Is your team spending days or even weeks to mass update spreadsheets to provide program updates?
REDUCING INFORMATION CYCLES
Are you as efficient as you can be when it comes time to collect information from policyholders? The objectives should be to eliminate paper waste and provide online questionnaires and renewal forms that take minutes, instead of weeks, to process.
14. Does your back-office system link with an online self-service portal?
15. Is your entire policy lifecycle stored in one system of record, one that captures data in real-time?
16. How long does it take your team to prepare renewal documentation and certificates?
17. Are you snail-mailing forms?
MAINTAINING A COMPETITIVE EDGE AGAINST COMPETING INSURERS
Modern policy administration systems should solidify your value proposition by providing self-service capabilities that meet policyholder expectations. Is your insurance policy administration software built for the modern insurance landscape?
18. Is your organization coming under threat from competition that is price cutting?
19. How do you sell value to your policyholders?
20. Would an intuitive, user-friendly system of record increase retention?
21. How are you supporting your value proposition to current members/insureds?
For a deeper dive into these questions, with real-world answers from the experts at the Municipal Association of South Carolina (MASC), watch our on-demand webcast: Modern Policy Self-Service is a Win-Win for Insurers and Insureds Alike
