Getting the best of out your policy admin system

Insurance firms need to adopt new policy admin systems to remain competitive in the industry. An insurance firm’s business growth and profits depend on its operational efficiency, and its policy admin system is the primary factor in determining how many products it can bring to market and how quickly it can do so.

We’ve already discussed the risks that sticking with a legacy system can pose, the benefits a good modernised system can provide, the factors determining how they choose to implement a new system successfully, and how insurance firms can measure the success of the implementation.

But no matter how good the tech solution is, it ultimately depends on the humans using it for it to be fully effective. This also holds true even for automation; even AI depends on human users to perform well.

So, if an insurer has gone to the trouble and expense of building a policy admin system that best fits the unique needs of their business, (and has implemented it into their existing working mode), how can they ensure that:

A: They’re getting the most out of their system

B: The new system doesn’t also become obsolete

This article will discuss how INSTANDA’s solutions can help our partners future-proof their new policy admin system and empower them to get the most out of it.

Setting measurable, achievable goals

To ensure that insurers will reap the full rewards of moving away from a legacy system and investing in a new one, they must know and agree upon specific goals.

For example, does the insurer:

• Want to enter a new market?
• Attract new customers?
• Launch new products?
• Reduce their rates?
• Improve the customer experience?

All of these are legitimate goals that an upgraded policy admin system can help deliver.

With this in mind, INSTANDA takes time to go through the key goals and objectives of our clients during the ‘Discovery and Design’ phase of our process. By setting the agenda through a carefully considered analysis, INSTANDA is able to ensure the features of the system correspond to the client’s objectives.

Thanks to this vital step, INSTANDA ensures its systems are all set up for success. Our systems are designed to help insurers achieve the goals that are most important to them.

Training and mentorship

Another thing to consider is that the implementation of new technology can only be successful when all stakeholders using the tech feel they have the knowledge and experience to use it well. This is why insurance firms always benefit from training and guidance from experts when implementing a new policy admin system.

Although INSTANDA is committed to empowering its clients to use our policy admin system independently, we do not just leave clients to fend for themselves once they have access to the platform.

Instead, INSTANDA works with its clients during the implementation phase. We help them get to grips with the new system and embrace the possibilities the new technology helps make possible: setting up products, options, customer or broker journeys, and so on.

INSTANDA also provides ongoing training and support, so users can stay ahead of potential updates and can periodically refresh their memories and learn how to improve the use of their system. This knowledge transfer means clients can work on building ‘centres of excellence’ within their own organisations. Even if they don’t have a tech background, they have enough expertise within the system to use it to fuel better business growth.

Lastly, to ensure an open and ongoing business relationship, INSTANDA’s clients are also provided with an account manager. The manager stays in contact to help them to make sure that they are getting the most out of the platform.

Ongoing maintenance

Before implementing a new policy admin system, the first question an insurer will ask is: ‘how long before this new setup becomes a legacy system itself?’

No insurer wants to invest time and money into implementing an admin system that will be obsolete in a year or less. Instead, they need future-proof solutions to guarantee long-term adoption and usage. They’ll want the new system to be constantly refreshed and updated regularly to ensure it remains current.

INSTANDA operates through a SaaS model as a part of its value proposition. All clients are on the same code base and can access updates to their system when they occur so they remain on the leading edge and aren’t outpaced by the market. INSTANDA’s updates occur automatically every 4-6 weeks, and extensive regression testing is employed to ensure the system upgrade is successful.

Furthermore, INSTANDA’s policy admin system updates also come with release notes so that clients know what to expect in each build and what new features have been added. Thus, partners can craft new ideas as new features are introduced. This, in turn, ensures that they continue to get the most out of the system.

The value of INSTANDA

INSTANDA’s policy admin system is perfect for insurers who want to launch more products, faster, while saving money and resources through automation. Our no-code platform means that insurers do not need a technical background to realise their goals, and we’ll work with you to build the admin system that perfectly suits the needs of your organisation

So, if you’d like to learn more about what INSTANDA can do for you, simply book a demo or contact us today.