Transitioning away from legacy technology and towards new upgrades is a key objective of any enterprise. For example, insurers may want to increase their operational efficiency by upgrading their policy admin system. Yet, doing so can be far from easy. Why is this?
Upgrading to take advantage of the best possible technology is the only option for insurance firms who want to remain profitable in a highly competitive market. But the journey itself can have a high cost in both money and resources in the short term.
Because of these costs, business leaders need to be careful when considering which new policy admin system is best for their own firm’s needs, and take all the relevant points into account before making a clear decision.
This article will outline the five key factors involved in insurance firms choosing a new policy admin system, as well as explaining why some seemingly-important issues might actually be irrelevant to the choice.
The first factor that business leaders need to consider when upgrading their policy admin system is whether or not the new system they wish to adopt fits their organisation and, specifically, their form of insurance.
To determine this, an insurer needs to think hard about its own business model and where its value lies. For instance, what aspect of its policies generate profits? By taking this into account, the insurers can determine what their objectives are and what they want to get out of the new system. This, in turn, helps them plan the development and implementation of the system.
Taking the time to consider the objectives can make all the difference between a quick, easy, and inexpensive admin system integration, and a slow, complex, and costly one.
The second major factor determining whether insurers should invest in a new policy admin system is their own personal expertise and knowledge. Insurers need to consider how much they really know about their administrative systems, as well as how they work before they can consider upgrading.
If an insurance firm determines that they lack sufficient knowledge to implement a new system independently, seeking out a partner who can guide them through the process step-by-step is crucial.
Finding a partner that can collaborate on the integration of a new system helps ensure that the system will cater for all the firm’s needs. This is why it is important to find a supplier who can support and advise, along with granting access to the right tech.
Insurers need to determine whether the improved system will enable a greater degree of connectivity. This connectivity broadly refers to three separate aspects of the business:
Insurers must think about the future when they look to adopt new technology. Naturally, they might worry how long it will be before the new admin system becomes obsolete once again. No insurer wants to go through the hassle of building and integrating a new system, only for it to be outpaced by their competitors a year down the line.
Insurers looking to upgrade, and who want to ensure that the upgrade isn’t quickly outpaced, need to ask whether or not the new system that they adopt will be continually iterating and improving. This is the only way that they can effectively stay ahead of their competitors and ensure optimum performance.
Finally, insurers need to ask whether or not the suppliers of their new system can be trusted with the technical side of integration.
Integrating a new policy admin system can prove to be challenging, and so any insurance firm that wants the process to go smoothly has to choose a system designed by those with a strong technical background who can deal with any issues as and when they arise.
It’s also important to consider a supplier who can provide guidance and advice during the integration process so that insurers aren’t left to simply fend for themselves.
INSTANDA is the perfect partner for insurance firms looking to upgrade their policy admin system. Our easy-to-use no-code platform, as well as our implementation services, are designed to:
INSTANDA has a proven track record of helping many brands in the industry improve their tech ecosystem. One of our unique selling points is that, rather than leaving enterprises to fend for themselves, we enable our partners to become self-sufficient. INSTANDA provides full training and guidance so insurers can use the no-code platform to self-build and stay in control, while setting their own goals for the new system.
Meanwhile, the INSTANDA platform’s regular cadence of releases means that it is continually updated and integrated. This means that your firm can ensure that it is always at the forefront of the industry with the most innovative tech available and supported by insurance experts.
So, if you’d like to learn more about the INSTANDA platform, and how it can help you to level up your policy admin system, then visit our website here for more information. Or, better still, request a Demo.