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Email: [email protected]
Modernization of Insurance Policy Administrative Services
There are two systems revolutionizing the insurance space – policy administration and claims processing.
One question that is on the minds of every insurer is – “Should we continue on the existing path with traditional legacy systems, or pause, revamp the business model, strategies and take the leap towards a large scale transformation?”
It is also crucial to understand that the insurance core system consists of all the essential systems and processes that an insurance company uses to be in business. Infact, we consider the insurer as much a “core” asset as the automation or any other system that processes an application might be.
Each insurance company and their situation is different. However, the one key that will alter their business and future is initiating a modernization program within their core insurance systems. This will ensure business strategies and goals align and drive towards the direction of planned initiatives.
The four primary areas where insurance companies can benefit through modernizing their core IT systems:
Increased operations productivity
Optimized IT cost
Increase in premiums and reduced churn
Enable rapid introduction of new products to market
As digitalisation accelerates and encompasses the insurance value chain, making improvements on the front-end is not going to do the trick. In order to achieve the full benefits of digitalisation, customers and insurers require real time updates, along with agile features development in core systems. To get to this stage, insurers need to overhaul their core policy systems and business model.
We at Neutrinos have helped several BFSI enterprises
with their legacy modernization efforts.
Read our whitepaper “Modernization of Insurance Policy Administrative Services” to know more!
