What does the future of Policy Administration look like?
We asked Ben du Preez, VP of Product at Genasys, for his expert prediction.
Generation Z are referred to as “Digital Natives” who have little or no memory of the world as it existed before smartphones. They are progressive, are on track to be the most educated generation yet and want work which will have a positive impact on the world.
As the future users of Policy Administration Systems (PAS), we need to ensure we meet them where they are on their terms. Which means facilitating work from home, using mobile platforms and securing our and their customers data.
Back end services should be energy efficient and promote the creation of products and services which aims to have a positive impact.
AI and Automation will play a larger and larger role. AI will automate repetitive tasks, freeing up human capital professionals from mundane administrative work. Digital assistants will ease training requirements assisting new users in not just understanding and using the platform, but in understanding the insurance products themselves. Realtime suggestions and what cover should be applicable to a customer based on their own needs analysis. Clearly explaining cost structures and pros and cons of optional aspects of the product.
AI analysis of risk can advise the broker in real time on a customer’s risk profile during the sales journey. AI can propose and/or implement dynamic rating updates based on claim and environmental data.
Enabling faster than ever time to market, PAS needs to shorten the time from Idea to Realisation while navigating the complex world of corporate governance and change management. Managing change within complex IT projects is almost more important than the technology itself. PAS needs to be a part of the solution to reduce the cost of change as well as facilitate validation and requirements and fasten implementation.
Modern Policy Administration systems are more akin to an octopus orchestrating complex integrations, automation, data enrichment and workflows while keeping the user journeys intuitive and efficient. More and more systems will seamlessly communicate to fast track, sales, pricing and claims, reducing manual user intervention to delight customer.”
To find out more from the experts on the future of policy administration, download a copy of the Modern Insurance Magazine special Genasys edition.
