Today’s insurers face unprecedented administrative challenges. Sales channels and product lines have proliferated; customers are more demanding and harder to retain; and the regulatory and risk environments grow ever more complex. In this context, your selection of insurance administration software will go a long way in determining how effectively your organization is able to manage these challenges. How can you be sure that your choice of insurance administration software is the right one for your organization?
While insurance software solutions vary widely in their particulars, decision-makers and influencers for insurance administration software purchases would do well to focus on these core criteria:
- Agility. Since insurers’ business objectives and operational environment are continually changing, a primary criteria in evaluating insurance management software is the software’s ability to support rapid process change. Will the insurance administration software make your business more agile, or lock you in to rigid systems and processes?
- Business rules sophistication. A key dimension of underwriting software and insurance claims software is the degree to which they are able to translate real-world business objectives and policies into codifiable business rules that can drive automated processes. Look for insurance administration software with sophisticated business rules capabilities, so that you’re not left trying to fit square pegs into round holes.
- Time-to-value. In today’s budgetary climate, technology expenditures need to be justified by a rapid return on investment. Look for insurance policy management software that you can get up and running quickly and profitably.
- Proven track record. Talk is cheap. Look for insurance administration software with a proven record of delivering measurable benefits in the real world of insurance administration.
Pegasystems: Agile, Powerful, Profitable Insurance Administration Software
Pegasystems, the leading developer of enterprise-class business process management and customer relationship management software solutions, provides many of the world’s largest and most successful insurers with software that helps them to win new business, to effectively and profitably manage customer relationships, and to mitigate risks and achieve regulatory compliance. Pega insurance underwriting software and other insurance administration solutions:
- Puts business users in charge of process change by automating much of the programming associated with process creation and deployment, thereby minimizing reliance on over-stretched IT departments and maximizing process agility.
- Empowers users by delivering the most sophisticated business rules functionality on the market, allowing you to capture your organization’s best strategic and operational thinking into powerful automated applications.
- Integrates easily with existing infrastructure and includes built-in best practices frameworks that enable you to rapidly create, deploy, and benefit from intelligent automated insurance administration processes.
- Has been proven on the front lines with major insurance companies around the world, delivering tangible benefits in areas such as faster time-to-market for new products and promotions; improved offer response rates; reduced processing times for client on-boarding and policy servicing; and increased accuracy and timeliness of regulatory reporting.