We continue our series with this fifth installment of Seven Signs Your Policy Admin System is Reaching its Limits. (Follow the links below to view the first four signs.)
Policy admin systems are essential. Once a system is in place, insurers loathe the thought of replacing it. Many have used their system for decades and adapted it to respond to change. Layer upon layer of changes over years makes a policy admin system brittle and unstable. Insurers who wait too long to replace their policy admin system risk damaging their business.
We’ve identified seven warning signs that a policy admin system is reaching its limits.
Warning Sign #5: Do you worry that you’re just
one shock away from a major business setback?
Do on-prem systems and paper-based processes require your operations to be in a central location or only certain physical locations? Is access to your systems restricted to workstations that are in your office(s)?
How strong is your data security? Are you concerned that hackers may breach and disrupt your systems?
If you lose access to a physical office, what happens to your daily business operations?
A healthy PAS will provide insurance leaders with the flexibility, scalability, and resilience for reliable business operations by:
- Providing access to data and systems even with the loss of physical office space
- Maintaining operations in the face of major, prolonged disruption
- Ensuring data security and protection
- Preventing data loss and ensuring backup data can be immediately recovered
An out-of-date policy admin system will limit your operations to physical offices, leave you vulnerable to security breaches, and severely restrict your ability to deal with disruptions.
If the limitations of your policy admin system are leaving you vulnerable to disruption, this is a warning sign that action is needed.
For more information on this and other warning signs that your policy admin system is reaching its limits, and what to do about it, click below to download the complete eBook 7 Signs Outdated Policy Administration is Damaging Your Business: