In recent years, insurance policy admin solutions have been transformed by revolutionary, modern technologies, resulting in flexible solutions. By improving customer experience, innovation, and reducing effort, insurers gained the ability to expand the products they offer to agents while reducing costs. As a result of this improvement, insurance sales and purchases have significantly risen.
People tend to use technology more and more when it is widely available, user-friendly, and versatile. A virtuous circle can help technology become more valuable quickly when many people are using it.
Among today’s policy administration systems, we see five trends.
1. Mobile Focused Strategy
Mobile devices today are used for a variety of functions and for convenience. The number of smartphone users around the world will increase to 3.5 billion by 2020. Mobile is making up 50% of B2B inquiries in 2020, according to mobile usage stats compared to desktops. More than 10% of mobile users increased within a year.
Therefore, a mobile-centric strategy can help meet the needs of customers regardless of their location or time. Moreover, insurers should provide users with the devices of their choice. A policy administration system will be more effective when able to function across multiple devices, such as smartphones and tablets, rather than syncing with just one or two.
2. Rule Capabilities
Before, products and solutions for policy administration were used to drive a rule-based market to keep it unique. The risk management and underwriting norms are all automated with rules-based functionality in all systems today.
Carriers that use policy administration software are able to respond efficiently to market shift factors by using rules capabilities.
A reapplication process is being used by insurers to improve the performance of their overall systems and improve their offerings. The step includes the use of work history and several straight-forward rules.
3. Implementation Strategies
The majority of insurance companies are implementing policy administration policies without any restrictions based on the work before the launch; thus, your legacy lines and data conversion are included in a subsequent release. Additionally, more pilot programs are being operated on existing products, in conjunction with new business to be introduced, before expanding conversion of renewals. To take advantage of higher value within a reasonable timeframe, small-scale insurance businesses are implementing full-suite implementations of policies, claims, portals, billing, and reporting.
4. Global Expansion
Carriers of insurance are exploring markets that offer expansion opportunities outside their local regions. Many insurance companies are looking to expand overseas in order to gain profitability and growth. Emerging markets, such as the Asia Pacific region, are increasingly being considered by international insurers. Because of this, the markets in this region grow at a much faster rate than those in Europe and North America.
Insurers who wish to expand their business require dynamic insurance policies that meet the specific needs of each region/country.
5. Seamless Customer Experience
A few decades ago, insurers experienced the need to provide customers with multi-channel services at low cost through integrated solutions. Policy administration software supports traditional and new distribution channels and reduces the complexity involved in understanding multiple systems with advanced portals.
In the best portals, you’ll find advanced navigation tools and a search tool that works across almost all browsers. Customers are getting information and value from policy admin systems software aside from the benefits of their policies.