Migrating to a new policy administration system is a challenging task for any insurance carrier. Policy administration system is the core of the insurance business as it is the gateway to information into the company. It is a combination of various functions, files and workflows. With an effective policy administration system, carriers can achieve increased efficiency through reduced costs, improved business process, efficient management of complex paper work and customer service requirements.
Policy administration systems have multiple legacy systems, various business processes tangled together and silos of customer data. Further, these systems are connected with most departments in an organization, so making a change or migrating to a new one needs a lot of planning. This article discusses things you need to consider while migrating to a new system.
•Ease of data sharing: A Policy administration system is connected with many other applications in the organization. Sharing of data, information and workflow among various departments happens regularly. So, make sure that the new policy administration system you are planning to take enables effective data sharing. Data sharing enables carriers to pull data related to various processes like underwriting, servicing, renewing, and so forth to apply analytics.
•Ease of operation: The new policy administration system should come with overall ease to use. The user interface and navigation of the system should be in such a way that employees can learn and access it immediately once the software is installed. This avoids depending upon a third party to train you employees.
•Ease of integration: Make a note of all the existing systems in your company. Make sure that the new policy administration system enables easy integration with all the existing legacy systems in the company. This avoids carriers to replace other existing applications to accommodate the new system.
•Should enable proper data transfer: Data migration…