Today’s insurance professionals face evolving market demands and heightened client expectations that have sparked the need to embrace new technology. Legacy administration systems for claims, policy, and billing are often difficult to integrate with other applications, resulting in manual processes and siloed data. In order to remain competitive and provide more value to clients, insurance professionals should adopt a single-suite approach. With a cohesive software suite, claims and policy administrators can dramatically improve efficiency, achieve more flexibility, conduct cross-functional reporting and analytics, and offer innovative services to clients.
Policy Lifecycle Overview in a Single Suite
To illustrate how a single suite can transform the administration process, let’s walk through the lifecycle of a policy with this approach. Business rules and events in the claims, policy, or billing application can automatically trigger workflows in the other systems, creating a seamless user experience and saving valuable time.
For example, whenever a renewal, quote, or endorsement binds in the policy administration system, the policy data will be automatically sent to the claims system. When a claim is entered, automatic coverage can occur because the relevant data will already be present in the claims system. Without this integration, users would need to go into the policy system, find the policy, view the policy detail, and then return to the claim system to process or reject the claim based on findings.
Policy data can also be sent automatically to the billing system, which would trigger the updating of entity and contact data, creation of a payment plan for the amount being billed for the policy, breaking down of payment amount into financial categories, calculating and creating installments, creating and distributing statements, and adding statements to the billing gateway for payment intake.
Claims and billing data is also pulled back into the policy system. Claims administration data is used in the policy system for rating and cross-functional reporting, including key performance indicators, loss ratios, and ad-hoc reporting. Data regarding payment status (late, past due, etc.) is displayed in the policy system for easy visibility of the status of installments without having to leave the policy system.
The efficiencies gained from streamlining the administration process can dramatically improve customer service and business outcomes, with reduced turnaround times and improved speed to market. With a single software suite, insurance professionals can transform the approach to claims, policy, and billing to achieve better flexibility and gain a competitive edge.
To learn more about adopting new technology for your claims, policy, or billing requirements, contact Morgan Barlet, Product Manager.