In the life insurance and annuities business, an automated policy administration system can give life to the structure of life insurance, even if the applications on top of a legacy IT system are decades old. In an industry that is as specialized as life insurance and annuities, companies often depend on a patchwork of software from multiple vendors. The good news is that the best new policy administrations systems rely on a modular architecture to integrate with existing business processes smoothly and efficiently.
Integrating New Abilities With The IT Legacy
Even the best general purpose IT services companies may not understand the detailed workings and the technical nature of the of the life policies profession, an insurance company may need to gather a development team and lead them to integrate disparate elements into one coherent structure. An IT general services vendor might not have the needed depth of knowledge within the insurance profession, but they can still provide value in project management and developing your business process systems.
Partnering With A Policy Administrations Systems Vendor
You should go with service providers that have the broadest range of skills and mastery of IT for your integration project. If you have to hire a vendor to develop the carrier-specific elements of the system, then you should choose one that has the most experience with integrating policy administration systems with legacy software. The ability to develop a modular system of service-oriented architecture that supports rapid integration is vital for the best results.
The best software systems for the insurance industry deliver functionality with simplicity. The functions that insurance insurers need are themselves numerous and complex; after all, this is a mature industry with a broad range of financial products and processes that must work smoothly to serve the customers and win their satisfaction.
Interfacing For Every User Situation
A dynamic policy administration system needs an expansive range of functions to cover and to integrate into the whole. It is the complex nature of managing benefits, underwriting, commissions and a host of other necessary activities that tie the process together in one whole.
The modular digital interfaces that insurance software vendor offer now provides a smooth experience and transfers information efficiently to the users that need it, which includes policy administration systems that reduce the time to navigate the insurance services chain. You can automate the processes and tasks of a diverse range of tools for policy administration through the entire life cycle using the appropriate modules and architecture.
Minimizing The Stresses Of Transition
Whether you are replacing existing systems or integrating new software with legacy platforms, an upgrade that includes automated policy administration provides market-leading advantages to insurers once the new capabilities are in place. The power of a system that automates the processing throughout the policy life cycle changes the game for life insurance and annuity insurers and rewards you with new competitive advantages.
However, getting there is often a rough ride. The change management process for technology projects is notoriously fraught with difficulty and cost overruns. The most efficient strategic path takes insurance businesses to balance between legacy and modular applications in a new policy administration system that blends the best of both worlds. The solution for change management that works is partnering with a vendor with the experience to lead the changes on your behalf.
Get The Optimum Insurance IT Solution
By matching a modular set of tools with existing functions, companies can transition without the disruption that can accompany such projects. This approach allows for future legacy applications replacement without interrupting operations unnecessarily. No transition is flawless but the one that minimizes changes is best.
FAST specializes in managing the change process and delivering software that integrates seamlessly with other business IT processes. To discuss how we can help to grow your insurance business IT systems, contact us today.