If you are looking for a comprehensive policy administration system to support your complete insurance value chain, offering you ease of use, simplicity, adaptability and customizability. Its self-service workflows allow you to customize your products, launch new products quickly and to manage your products efficiently over their entire lifecycle. An insurer can trust the Prise PAS to not only meet all their needs but also reduce their risk while saving them time and money. Let’s see how this works.
How the Prise PAS saves Time for Insurers:
Let’s look how the UI-level configuration and features of Prise PAS can save an insurer a lot of time. A business user can take over the day-to-day changes needed by the system, obviating the need for any intervention from database administrators.
The Prise Policy module allows you toadd accounts, create quotes and policies, and manage their administration. Prise also offers an agent portal which can be integrated into the Policy Administration system and support agents and direct customers. The module can be hosted as a web application or be hosted on the cloud, too.
- Customizable Workflows: The PAS offers standard workflows but also allows customers to configure them to their unique business needs.
- Modifying Forms and tables: Replacing existing forms or adding new forms can be done in a matter of hours, not days. Regular changes and modifications to the system such as modifying values in a table, adding a new field, removing or adding a drop-down value are accomplished in minutes.
- An insurer can quickly start building coverages, endorsements, underwriting rules, rates, and forms from scratch.
- Product versioning in Prise allows users to maintain a single product with multiple versions. This feature enables state-specific, agency-specific and customer-specific screens in a single product making its maintenance easy, essentially as the workflow and rules correspond to the user’s role.
- Its role-based configuration enables automated quote and bind process for Agents, Brokers, and other distributors, saving a lot of time when the time for processing a claim or reconciling transactions.
- Save a lot of time with its easy processes and flexibility.
- You can quickly start issuing policies, building coverages, endorsements, underwriting rules, rates and forms from scratch.
- Business users save a lot of time with its bulk data upload and import, owing to the excel import and export feature of Prise, when they need to add agency transfer information, producer’s information, or various risks information, etc.
- Handle complex requirements easily with its customized screens and user-guided implementation.
- Make routine Rate revisions and changes, Underwriting rule changes or Form changes using the highly-configurable system and eliminate the usual delays and costs of a programming intervention
- Business users can save a lot of time and effort, with bulk data upload and import, owing to the excel import and export feature of Prise, when they need to add agency transfer information, producer’s information, or various risks information, etc.
- You don’t need a database administrator to make changes to the UI and even use product versioning to maintain multiple versions of a single product.
- Workflows in its Policy module can be configured and customized by users as per their need, bypassing standard policy statuses which do not match their business need using the next actions option.
- Policy processing is supported through both manual and automated methods.
Prise PAS reduces your Risk:
The following features of the PAS help to reduce the risks in policy management and administration.
- The PAS offers a role-based configuration to users through rules and workflows which can be easily defined by a business user, based on the business-specific requirements pertaining to each role.
- Organizes forms according to the form type and maintains a repository of Base forms, Coverage forms, ACORD forms, exclusion forms for various product lines and maintains them separately in different file subnets for ease of access.
- Any out-of-sequence endorsement is automatically triggered as an additional feature.Carriers, Agencies, Brokers and other Distributors Policy module are provided with role-driven dashboards configured to their specific roles and authorisations.
- The Administration Portal in Prise allows the admin to define Carriers, Agents, Brokers, Distributors and their business information along with mapping their producers and products to eliminate any erroneous or fraudulent transactions.
- Meets Regulatory requirements and supports ISO and AAIS standards.
How the Prise PAS saves you Money:
The insurance industry is changing dynamically, almost on a daily basis. Technology and regulatory environment are making the business environment transform and reinvent itself, boosting the competitive spirit among its players. Let’s see how an efficient PAS like Prise can save you money under these circumstances.
- Imagine you are still shackled to your legacy system which requires a database administrator to come in and make the changes you need to revise policy processes, revise rules and policy processes or respond to regulatory requirements. You could lose custom to your agile competitors, or be liable to pay fines for violating regulatory norms.
- Legacy systems offer limited flexibility and capabilities, needing constant maintenance and ongoing enhancements, requiring the investment of both time and money. You new PAS saves you from such expenditure.
- The opportunity costs of business lost due to an inefficient PAS which renders an insurer both non-compliant and incompetent, causing customer dissatisfaction and loss of business are pretty huge.
- By building new or customized products in a short time with the Prise PAS, you can launch them commercially and get market share, gaining the first-mover advantage over the competition.
Prise is a new-age policy administration system which offers many enhancements through its modular approach to help insurers meet their business needs and technology standards. • Its comprehensive set of capabilities enable it to respond efficiently to change and offer flexibility and extensibility to support the operations.