Policy admin systems are changing how things work in the insurance industry, and MGAs and other insurers are gravitating toward them. These systems help agencies manage client policies at every stage, whether they are drafting quotes or processing renewals.
The right policy admin system centralizes your agency’s access to rating, underwriting, and risk data, giving you greater control of your policies and policyholder accounts.
You can set your company’s underwriting standards, policyholder restrictions, and other standard details that apply across the board, then let your admin system flag anything that falls outside those parameters. With rules-based automation, every client meets the same standards, and you apply policy premiums consistently.
In addition, you can establish rules in your admin system to notify you of specific coverage gaps or potential upsell opportunities to help grow your business and ensure that your policyholders are adequately protected.
Customer satisfaction is critical to policyholder retention in the insurance industry. The proper policy admin infrastructure makes information easily accessible, simplifying your customer service tasks, improving your agency response time, and managing many communications so that policyholders do not overlook important dates, such as renewal terms.
When policyholders feel heard and prioritized, they are more likely to stay with your agency.
When your policy administration platform condenses all of your policyholder and coverage data, it provides you with the tools to evaluate that data for missing opportunities. Your policy administration system makes it easier to develop new products as the marketplace changes. Digital platforms, like Verity, evolve with the industry as needs change and coverage expectations evolve. You can meet customer needs with new products as those needs begin emerging in the marketplace.
Understanding how policy admin systems affect the insurance agency makes it easier to decide if this type of investment is right for your agency. As technology evolves, the tools and techniques provided to simplify client care can help you improve your customer service, enhance your policy services and ensure consistency in policy application and management. Keeping your policy information in one location with the right policy admin systems can keep your agency organized, responsive, and accessible whenever your policyholders need information.
Say goodbye to outdated systems and begin looking at a solution that will provide what you need to increase productivity, decrease costs in the long run, deliver frictionless transactions, and remain competitive in today’s environment. For more information about VRC’s Verity software and to book a demo, click here or contact us at 541-209-0700.
