Our sixth installment of 7 Signs Your Policy Admin System is Reaching its Limits covers a topic that is consistently among the top priorities of insurance leaders. (Follow the links below to view the previous five signs.)
Policy admin systems are essential. Once a system is in place, insurers loathe the thought of replacing it. Many systems are decades old and have been customized and adapted as the times have changed. Layer upon layer of changes over years makes a policy admin system brittle and unstable. Insurers who wait too long to replace their legacy policy admin system risk damaging their business.
We’ve identified seven warning signs that a policy admin system is reaching its limits.
Warning Sign #6: Are you trying the patience of your customers?
Are your policyholders frustrated with how long it takes you to quote and issue policies? Do they have to jump through multiple hoops? Are they abandoning the quote process and just walking away?
Do your policyholders complain about billing options? Must they adhere to a rigid payment schedule with few options? Are they only able to pay by check or cash?
Do your policyholders find it difficult to work with you? Do they have to cater to your schedule and contact you during your normal hours in order to get information or make important updates?
A healthy PAS will enable insurance leaders to surprise and impress their customers by:
- Enabling them to respond immediately to policyholders and keep wait times to an absolute minimum
- Offering policyholders a range of channels -- from traditional to digital...anywhere, anytime
- Giving policyholders immediate access to their info
- Offering flexible billing and payment options and provide optional self-serve capabilities
An out-of-date policy admin system will slow you down, frustrate your policyholders, and ultimately fail to meet their expectations.
If the limitations of your current policy admin system are impacting your customer experience, 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policy admin system is reaching its limits, and what to do about it, click below to download the complete eBook 7 Signs Outdated Policy Administration is Damaging Your Business: