Optimise your operations with an advanced policy administration system

11 December 2023

There are many policy administration systems out there that promise to help insurers, MGAs, and brokers to simplify processes, reduce costs, and transform the customer experience.

Choosing the policy administration system provider that will work for you is a big decision and ensuring they will deliver what is promised is key. So, how do you know you’re choosing the best fit for you?

You need to make sure that the policy administration system you choose will easily integrate into your existing tech stack, and how easily you’re able to embed processes that are essential to your insurance business on other websites.

Let’s look at three key considerations to evaluate to ensure you make the right choice:

1. Will the policy administration system integrate with existing technology, and can it flex to meet future needs?

2. Does the software provider offer pre-integrated, third-party platforms to support other business processes?

3. How easy is it to embed your quote-and-bind journey on other websites?

 

1) Will the policy administration system integrate with existing technology?

Can it flex to meet future needs and growth?

While most software providers make big claims about APIs, the reality is that not all APIs are created equal. Modern, cloud-native software solutions should have best-in-class APIs designed to deliver true inward and outward exchanges of actionable data with other modern cloud-based technologies – essential for effective integration and building a future-proofed tech stack.

Whatever business you have, it’s more than likely you’ll need your software to work seamlessly with other existing IT systems, and to be flexible enough to meet any future integration needs. Consider where you will be in a few years’ or even months’ time, and exactly what external factors and new technologies there might be to take into account: the truth is, you don’t know exactly what will happen, so you need to avoid being left with a modern legacy tech.

The key to future-proofing is choosing a modern, cloud-based software solution with open architecture. Does your prospective software have open APIs? Can you review them with your IT team to make sure these will not just connect, but connect with all the functionality you need?

While most software providers make big claims about them, the reality is that not all APIs are created equal. For example, the APIs created three or four years ago worked to different standards and weren’t necessarily designed to deliver true inward and outward exchanges of actionable data, which is increasingly essential for effective integration. Indeed, many systems that have had APIs loaded onto the outside to say they are “API ready” have an underlying core platform that does not really gel with the needs of an API-driven architecture. The underlying structure of a system can easily disrupt the effectiveness of APIs.

Therefore, it’s important to get your tech provider to walk you through the functionality of their APIs, and to demonstrate how it works with your own systems and that of existing and prospective partners. You need to be confident your solution will integrate smoothly with current and future technologies to help you stay ahead of the digital curve.

2) Does the policy administration software provider offer pre-integrated, third-party platforms to support other business processes?

Next, you must assess whether the provider you’re talking to has a wider network of partners to fulfil more specialist requirements and, crucially, how it integrates with the core platform.

It’s not just building in flexibility to allow for where you might want to be in future, but thinking about what additional specialist technology might be a game-changer right now – and how you can connect that to your core platform. Many insurance administration providers will say they can do everything, and do it all as best-in-class. They can’t. Every solution has its specialisms, and you will likely need to draw upon other specialist software partners to get the right tech stack for you.

This is where the insurance ecosystem comes into its own. Whether it’s specialist ratings engines, telematics, best-in-class online payments or anything else you’ve identified to give your product the edge within your target market, your policy  administration system provider should be able to demonstrate solutions that integrate with the core platform. Assess whether the provider you’re talking to has the right wider network of partners to fulfil more specialist requirements and, crucially, ask to see demos of how the integrations work, with that partner itself.

3) How easy is it to embed your quote-and-bind journey on other websites?

The last thing you need to take into account is how easily you can transfer your quote-and-bind journey by embedding it on other websites.

Look at how a prospective software partner will help you deliver a multi-channel experience. Can you replicate the product offering across partner channels easily from your core platform?

Embedded insurance is a major talking point in the insurance industry right now, with experts predicting huge growth in the amount of insurance bought through embedded products in the near future. The reasons are simple: technology is getting easier to configure, and customers are expecting easier, more seamless purchase experiences – so there’s a natural shift towards buying insurance quickly and easily at the point of purchase associated with that risk, rather than as a separate journey.

For insurers, this usually means enabling customers to buy policies not just through the central insurer’s own website, but through a network of partner and affiliate websites too. Even if that’s not the reality for your company today, you’ll likely want to be ready for it in future. If so, you need to look at how a prospective software partner will help you deliver a multi-channel experience. Can you replicate the product offering across partner channels? Can it be easily configured to the specific channel or risk? Is day-to-day management easy to do across many channels from one admin hub?

Think particularly carefully about the practicalities of administering a genuinely multi-channel offer as you grow your network: imagine how laborious it could be if you’re selling across 30 partner websites and need to make updates to every single one. How can the prospective solution make this process more manageable?

Once you’ve determined the provider’s ability to deliver these capabilities, your stakeholders can come together and make an informed decision on who you’ll be partnering with.

Partnering to leave legacy tech behind

Genasys has been on a mission to make insurance easier for insurers, MGAs, brokers and their customers, for the past 25 years.

We believe technology should add value without being costly, time-consuming, or complicated. Our end-to-end, cloud-based, modular insurance management system offers unique flexibility and control for businesses.

Clients can select from hundreds of out-of-the-box products across policy, billing, and claims. Our low-code tools make it easy to rapidly build and deploy new products, and our mature, dynamic APIs make it easy to integrate with external specialist software while maintaining a single view of customers – all-in-one core system.

To learn more about how we can partner to future-proof your business, get in touch with our friendly team and we’ll chat virtually when it suits you.

Find the rest of the questions you should ask when choosing your policy administration system in our guide.

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