As seen in the July/August 2010 issue of Insurance Networking News.
INN:
How is the continuing turbulent economy affecting insurer decisions to keep their PAS, replace parts of it, or implement an entirely new system?
TW:
Insurance companies are being more thorough in their evaluation of software vendors in the current economic climate. Insurance companies are still in the market for upgrading their existing legacy technology systems but are aware that the financial impact of a software implementation can be high if they don’t select the right solution and understand what the implementation process will entail. Insurance carriers have high costs related to maintaining their legacy systems and those same systems can limit their growth. With that in mind, carriers are actively looking to improve their technology by evaluating systems while paying closer attention to the financial impact they may have on their organization.
INN:
What types of new features are available in the policy admin systems today that have a positive downstream affect on the distribution network and can provide substantial ROI?
TW:
Modern policy administration systems offer new and flexible tools to support product development and distribution. Open architectures that support web based distribution for insurance products allow carriers to deliver products via agent portals or direct to consumers, drastically improving speed to market and premium growth. Being able to integrate with comparative raters and lead generation sources allows agents to access new customers and process business in real time. Solutions having the ability to integrate with data providers allows agents to evaluate risks more accurately which improves underwriting accuracy and efficiency. This ultimately leads toward having a positive impact on the insurance carriers ROI.
About Insuresoft, Inc.:
Insuresoft is a Microsoft Gold-Certified independent software vendor delivering insurance software to the property and casualty insurance industry. Insuresoft offers a suite of products and services that are configured to meet the unique needs of insurance companies and managing general agents in North America. Insuresoft is a privately-held company headquartered in University Park, Illinois, and has offices in Alabama and Minnesota.
Contact: Mike Hernandez
Phone: (866) 299-1314 ext. 35035
Fax: (708) 534-0163
mhernandez@insuresoft.com ©2010 Insuresoft, All Rights Reserved.
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