As a P&C insurance leader and decision maker, there’s a lot on your plate. Your time is valuable and you’re devoted to spending it where it will make the most impact. You do so each day to keep your company running smoothly and your agents and customers happy. We understand.
With all you do, it can be easy to put off longer-term decisions that don’t seem urgent today. However, what if, with one choice, you could do more in less time, increase security and peace of mind, free up resources, leverage industry-standard information sources, and provide a modern, elevated customer experience? You can! All of this is possible with a modern policy administration system (PAS).
Continue reading to learn how our customers modernized their PAS and reaped immediate benefits while positioning themselves securely for future trends and challenges.
Agents should enjoy using the tools of their trade
Your mission is to deliver outstanding customer service, which you accomplish by attracting top-tier talent. Agents and staff today have many options and expect a satisfying work experience. Do you think your PAS’s capabilities and workflows will help attract the best talent? Older systems lack the modern features and convenience that modern workers expect, and can hamper agent productivity and satisfaction. A competitive PAS should offer:
• 24/7 web access to policy information and documents
• Fast, convenient quoting
• Short underwriting cycles
• Accelerated claims processing
• Decreased call volumes
One of our customers, Texas Pioneer, leveraged BriteCore’s cloud and digital capabilities to dramatically improve the agent experience and accessibility for Texas Pioneer employees. BriteCore’s agent portal gave agents a new digital channel that enabled them to easily and efficiently quote and submit applications and update policy information. With cloud-native BriteCore hosted on world-class AWS infrastructure, the employees of Texas Pioneer had 24/7 access to an ultra-reliable, ultra-scalable platform.
Engage with customers directly
It’s 2022. From healthcare to finance to scheduling a haircut, everyone expects secure, online self-service functionality. Insurers like you field these modern expectations too!
Insurers who want to stay relevant and provide the top-tier service their legacies have established include a PAS portal that:
• Offers the functionality customers expect, including policy access, claims submission, account editing, and digital payment
• Helps reduce processing times for staff
• Increases transparency and empowerment for your customers
• Creates a self-service environment that saves both customers and agents time
Another of our customers, Panhandle Farmers Mutual, expanded their digital capabilities with BriteCore’s policyholder portal. Policyholders could now conveniently access many self-service capabilities through an Apple or Android app or web browser. Customers were finally able to access their policy, coverage, documents and contact information as well as pay their bills electronically, submit photos, request a change or submit a claim. In addition, the policyholder app is fully integrated with administrator and agent portals, so administrators, agents, and policyholders can all see the same updates in real time.
Information security is paramount
More and more P&C insurers are switching to digital solutions to improve their service quality, streamline operations, and increase customer satisfaction. Amid the rampant pace of technological adoption and advancement, cybercrime and the rate of cyber attacks have also grown drastically in this space. Your customers trust you to securely process and store vast amounts of sensitive information. Is it safe? If you’re using a dated system that doesn’t adhere to current security standards or you host your own servers on premises, you’re at a significant risk of cybersecurity and business continuity concerns.
To stay ahead of the challenges of an ever-shifting technological climate, your core insurance management system should offer:
• A fully cloud-native SaaS solution
• High performance, scalability, and availability
• Reliable disaster recovery protection
• Identity management and security
Consider this. Before moving to the cloud with BriteCore, one of our clients, whom we won’t name, operated on a legacy on-premises system. Unfortunately, they became the target of a cyber-ransom attack. An entire server was held hostage until the ransom was paid. Fortunately, it wasn’t the server that held their core system or sensitive customer information. However, had it been, they could have been put out of business. A modern core system built for the cloud, peace of mind, and security would have kept their data safe.
How can you address tomorrow’s needs today?
A modern PAS solution can help take your agency to the next level while mitigating the risks of an ever-evolving digital frontier. If you’re interested in learning more about what you can do to revolutionize your business while increasing security, satisfaction, and stability, check out our Core System Buyer’s Guide. We’re in the business of helping motivated P&C insurers like you future-proof your business so you can better deliver on your promise of outstanding customer service today and years from now. Contact us today!
