It’s that time of year when we’re all getting ready for the holidays. Being December, you’ve probably heard “Santa Claus Is Coming to Town” played on the radio over and over … and over … and over. What’s the one thing Santa does in the song? He makes a list and checks it twice to find out who’s naughty and who’s nice. Well, we thought we would follow Jolly Old Saint Nicholas’ lead and make a list of the eight things we believe a policy admin system needs to make the “nice” list.
Here are the first four characteristics we believe are integral to a nice policy admin system. Check back in a few weeks for Part 2.
Flexible Deployment Methodologies
No two P&C carriers are alike. Internal IT capabilities, cash flow realities, and technology strategies vary dramatically, even among similarly sized firms. One size definitely does not fit all.
That’s why a “nice” policy administration solution offers flexible deployment methodologies, with equally capable versions available installed on-premise or in a secure, private cloud environment. Both “flavors” offer distinct advantages; it should be up to the carrier – not the vendor – to choose which best fits their situation.
Ability to handle complexity
Imagine that a carrier’s executive team has an idea for a complex and niche contractors’ equipment insurance product. All indications from the business and marketing teams are that the product will be well received in a relatively small marketplace.
Do the benefits of bringing this product to market outweigh the costs? Frankly, it depends on the PAS in place. A legacy system is about as useful as a lump of coal in your stocking; the sheer number of dependencies and variables inherent to such a complex space would eliminate profit margin due to the massive number of man-hours required.
A “nice” policy admin solution, however, would be capable of turning this endeavor into a profitable one by allowing for useful prototyping and code-free product creation.
Seamless third-party integrations
More than ever, P&C insurance carriers depend on a wide variety of systems and applications to keep their business running. While core elements – policy admin, claims, billing – are often provided by the same vendor, other systems and sources of data are often scattered throughout an insurer’s IT ecosystem … and the cloud.
That means it’s essential that any “nice” P&C policy admin solution be able to seamlessly and efficiently integrate with both internal and third-party tools, be it to obtain data (either on-demand or at scheduled internals) or to feed downstream systems. And increasingly, carriers are demanding that these integrations be able to be configured by business users, with little or no coding necessary.
(There’s a reason that’s the second – and not the last – time we’ve brought up coding. For analogy’s sake, think of writing code a bit like meeting Krampus; it’s definitely not where you want to be.)
Business User Configurability
At Adaptik, when we say “configurability,” we mean business user configurability. The difference between that and IT configurability – the domain of many naughty policy admin suites – is stark.
Most policy admin systems’ “configurability” depends on the fact that a good team of developers, programmers and coders can get just about any software solution to do just about anything. Problem is, making that happen means taking valuable personnel resources off of other projects for months or years, with total costs quickly running into the hundreds of thousands or millions of dollars.
Is that good enough? Is that really “configurable?” For most carriers, the answer is a resounding “no.”
Fortunately, today’s “nice” P&C software solutions – like the Adaptik Suite – offer the capabilities that business-side users need to build and modify products within a compliant, controlled framework, all without ever touching a line of code.
Check back soon when we reveal the last four characteristics of a “nice” policy admin solution.