As the property and casualty insurance marketplace has experienced rapid change in recent years, many insurers are beginning to respond by enhancing and upgrading their policy administration systems using P&C insurance software. Successful implementation of the right type of software platform can lead to meaningful improvements of organizational processes, with benefits to a company’s competitive standing and bottom line.
P&C Insurance Software from Pega: Applications For A Changing World
Pega’s P&C insurance software offers insurers an accessible, comprehensive platform that will unify internal operations across the entire organization. Some key areas in which Pega insurance software can help drive efficiency include:
Underwriting. Pega’s P&C insurance software helps ensure that underwriting guidelines are followed and best practices are captured with pre-built, customizable processes that guide agents through applications and offers. Pega provides the technological means for a seamless transition from manual processing to intelligent automation, which in turn leads to increased operational efficiency, improved product quality and shorter delivery time.
Claims Management. Pega’s P&C insurance software includes claims management solutions that help insurers automate core processes, personalize policyholder interactions, and reduce claims cycle time. Our intelligent business process management (BPM) platform provides insurers with a dashboard view of every claim in real time to ensure a well-managed, more streamlined claims process.
Marketing. Pega’s Next-Best-Action Marketing provides insurers with the tools they need to coordinate and optimize marketing efforts across channels and deliver the most relevant offers based on predictive and adaptive analytics. Customer interactions become more personalized and profitable as a result.
New Product Development. Pega’s P&C insurance software serves as an effective insurance product configurator to help insurers develop and test new product offerings. Integrated analytics allow organizations to respond quickly to changing consumer preferences and effectively shorten time-to-market.
Pega’s P&C Insurance Software in Action: Real Results for Farmers Insurance
Farmers successfully deployed Pega’s P&C insurance software throughout their organization to achieve rapid and sustained benefits:
- Reduced quote time from 45 minutes down to 1.5 minutes.
- Shortened submission-to-policy-issue process from 14 days to 14 minutes.
- Used intelligent Pega insurance claim software to help improve claims processing performance by 20%.
- Went from near the bottom to near the top in small commercial lines, doubling their market share in one year with help from Pega’s commercial insurance software.
- Achieved a 70% increase in umbrella policy sales.