Policy Administration Systems
The quality of an insurance carrier’s policy administration systems can have a huge impact on its operational efficiency and overall competitiveness in the marketplace. Today more than ever, insurers are moving towards the integration of more flexible and adaptable mediums to help improve the functionality of each and every business process. Policy administration systems are the backbone of any insurer’s operations, from the initial point of contact to the back office. No longer can insurers afford to bear the cost of hardwired, rigid systems that don’t respond well to changes in regulation, market dynamics, and consumer preferences. Today some of the most successful insurance carriers are finding ways to harness untapped value from their internal operations using various forms of business process automation.
In Q1 2015, Capgemini and Pegasystems commissioned research to decode the attitudes and behaviors of young people as consumers, employees, and citizens.
Pegasystems commissioned Forrester Consulting to conduct a TEI study to examine the potential return on investment (ROI) enterprises may realize by deploying the Pega 7 Platform.
Policy administration systems and product development with Pega
One of the ways Pega Better Business Software® helps to improve insurers’ policy administration systems is by incorporating adaptive and predictive analytics for insurance into those systems. These features allow for extensive in-depth analysis of current and historical consumer behavior to help insurers develop the best possible product offers and pitch those offers to the right people at the right time. In this regard Pega’s software acts as an insurance product configurator to help create and test new products and bring them to market quickly. As insurers receive consumer feedback Pega makes it easy to rapidly adjust and reconfigure products and procedures. For example, Pega’s P&C insurance software helps drive policyholder retention by supporting a customer-centric claims service that adapts and responds to each claimant interaction to deliver an optimal outcome.
Using automation to increase connectivity throughout policy administration systems
Another way Pega helps streamline insurers’ policy administration systems is by enabling increased coordination and connectivity across channels, distributors, and product lines. By automating internal processes and giving all process participants access to the same information, Pega makes it possible for insurers to sync up multiple departments and ensure that everyone is on the same page at any given time. As a result, each department becomes more productive and efficient. For example, Pega’s claims management software can be used to promote consistency and high performance standards while reducing inefficiencies and lowering costs throughout the organization. Recently a major European life insurance carrier used Pega’s life insurance software to reduce operational costs by over $12 billion while improving service levels.
Policy administration systems: The importance of agility
One of the keys to success in today’s insurance marketplace is the ability to adapt quickly. Pega’s unique Build for Change® platform makes it easy for business users to revise applications and processes, with no need for manual programming. With Pega, the power to adapt and respond to changing market conditions is always at your fingertips.