Insurance policy administration for the property and casualty insurance market is embracing new technologies and changing rapidly. Prime is at the forefront of innovation in supporting this change by providing the capabilities to transcend the shackle-hold of outdated legacy systems which slow the insurers down and hamper their ability to compete for market share. Insurers today are turning to updated Policy Administration Systems (PAS) which streamline their processes and offer them additional capabilities.
Prime’s SaaS software PAS comes with customizable modules which enable insurers to simplify their processes, manage all their files, records and transactions in an easy and systematic way. Its SaaS insurance administration system is all about flexibility and customizability, helping users to tailor it to their unique requirements.
Users of this SaaS software enjoy very helpful features which support the complete insurance value chain to enjoy an easy and smooth transition to the new software, by offering the following capabilities:
- Easy integration into existing operations which do not disrupt your control over your product or forms, with customizable rules, workflows and services.
- It provides access to modules, dashboards, data, records and frameworks which are easy to operate and offer you complete control over product and forms management as well as output services.
- Its product configuration offers a self-service module for agents, brokers and other distributors with rules and workflows being defined by role.
- It offers more than the core processes like quotes, rates, binding, policy generation and issuance, billing and claims management, endorsement, including cancellation and reinstatement of insurance renewals and servicing by adding additional features which help your business reach its potential. These include functionalities like deriving insights from data and analytics or the use of IoT sensors and devices to gather relevant data to finetune your rating and to adjudicate claims.
- Each module is customized to ensure quality customer engagements, business agility, underwriting excellence, claims processing or insurance mobility, improved profit margins, reduced risks and long-term success.
- Its customized screens and workflows allow for a single system efficiency model which enables insurers to bring insurance products to market more quickly and easily. Insurers can quickly start building coverages, endorsements, underwriting rules, rates, and forms from scratch.
- The PAS allows product versioning, allowing users to maintain a single product with multiple versions. This feature enables state-specific, agency-specific and customer-specific screens in a single product making its maintenance easy, essentially as the workflow and rules correspond to the user’s role.
- It requires no programming intervention to make regular changes and modifications to the system. This means that actions such as modifying values in a table, adding a new field, removing or adding a drop-down value, replacing existing forms or adding a new form will and can be done at the UI level, in a matter of hours, and not require days – like before.
- Users can save a lot of time and effort, with its bulk data upload and import features, when they need to add agency transfer information, producer’s information, or various risks information, etc. It makes integration with third party and payment processes easy and flexible.
- Its cutting-edge functionality is robust and includes a powerful calculation engine with statistical and modeling solutions which enable insurers to better identify risks, liabilities and price policies and more effectively optimize their financial positions.
- It is a full-lifecycle software solution which provides a compact, one-stop shop solution for policy administration to enhance an insurer’s operational efficiencies and support their need for profitable growth
Insurers can reduce their operational costs and time to market, as well as the total cost of ownership with the use of SaaS-based technology and achieve greater regulatory compliance and customer satisfaction. Insurers have come to appreciate the abilities of Prime in solving the challenges around a PAS implementation, irrespective of the complexity of the project. Enjoy the highly customized solution offered by Prime along with the tangible outcomes in strategic and operational outcomes.
