Now it’s time for insurance companies to get rid of the constraints of traditional systems, which increases the pressure on the market by hindering their operational efficiency. However, in order to do this, they must admit that improved functionality and successful PAS transformation can first bring back the added value of their business. The fact is that not everyone is willing to understand its value from a flexible strategy management system (PAS) with different modules.
There is no doubt that the popular PAS is changing the insurance industry and making it possible for insurance companies to recover lost ground by affecting their people, processes and technology. At the same time provide unparalleled usability, reliability and security. Insurance companies loyal to their original system must face some difficult facts:
1. The gap between the rich and the rich: Insurance companies rely heavily on their original systems to support their core applications. They support daily tasks such as policy issuance and service, claims processing, and underwriting and invoicing processes. This makes insurance companies unwilling to tamper with their original systems. However, this highly regulated and document-intensive industry is severely hampered by the restrictions imposed by its original system. Insurance companies still working on their inefficient but still functioning legacy systems are manually processing a large number of files and re-entering data keys between systems, causing huge bottlenecks and performance lags. They will also produce inaccuracies, which will certainly lead to further bottlenecks in the future. On the contrary, by adopting modern PAS, insurance companies can gain great flexibility in the process, and can easily modify old products and launch new products, thereby reducing time to market. As more and more insurance companies address these issues, half of the industry is changing its processes and how it operates, while the other half is lagging behind in terms of customer service, efficiency and competitiveness.
2. Exclude digital conversion: the old system runs the language and system architecture developed in the 1970s and 1980s. Their age makes them completely unsuitable for supporting digital transformation, and at this time each industry is porting its data to the cloud and using big data applications to gain strategic and actionable business insights. Insurance companies that understand this are adopting contemporary PAS to quickly initiate the changes needed to adapt to the digital age.
3. Incompetence: There is no doubt that compared with insurance companies that use modern PAS, insurance companies without modern PAS will lose service support, technical relevance and speed of product listing. Many of them may have adopted other systems to help them add old systems, requiring a knowledgeable team to perform specified customizations and core system modernization. If insurance companies refuse to modernize and hope to mitigate the risk of implementation failure and data migration, it will inevitably lead to helpless and regrettable loss of market share.
4. Not really mitigating risk: The insurance industry naturally avoids risks and avoids destruction, but it cannot be so comprehensive that insurance companies avoid using alternative technologies that worry about risks. Because the world around them is migrating their operations to the cloud, they must accept a little interruption in order to realize their vision of the technology they need and thus benefit from digital transformation.
5. Implementation concerns: Companies must recognize the importance of replacing outdated technologies and outdated development methods. They also need to recognize and modify other structural constraints in the process. Fear of failure to implement is unavailable, because there is a sure opportunity to achieve a competitive advantage by transforming your legacy system.
Despite these concerns, some insurance companies have shrunk, but other insurance companies are still market-centric and have to modernize their core systems driven by their business. Their business is booming, while other companies are struggling, essentially, improving their responsiveness. They narrow the gap between products and distribution strategies, and provide quality customer service to retain existing customers and develop new markets. Their improved services are strengthening the insurance industry itself, making it stronger and more attractive to customers.
Prime has improved the strength of global insurance companies by changing operational efficiency, especially in insurance software. Prime insurance solutions provide comprehensive cutting-edge proprietary analysis. By simplifying traditional business processes (such as registration, underwriting, claims, and customer service), it turns out that our professional skills are effective.