The emergence of modern, accessible, web-based technology has positively impacted the Property & Casualty (P&C) insurance industry. Consequently, many software companies have developed customized software applications to meet the demands of the P&C insurance industry. One such personalized software package is the Atlas system, a comprehensive solution designed to meet the needs of P&C insurance carriers, their agents and customers.
Detailed here are the benefits offered by a modern P&C software administration system and help provide an understanding how sophisticated software applications help carriers meet the needs of its customers.
Integrates all P&C business processes in real-time
Modern P&C insurance software systems are web-enabled and offer comprehensive functionality for the home office, agents and customers. One of the useful features of these applications are that they integrate various insurance business processes such as underwriting, policy administration, claims processing, billing and collections, reinsurance administration, and reporting functionality into a single process.
This software also offers real-time data processing and secure access to information from anywhere across the world. These features help insurance companies effectively execute insurance functions using the World Wide Web.
Enables accurate and immediate processing
P&C software administration systems enable all policy processes: quoting, binding, policy purchase, payment processing, billing, etc to be transacted online. Insurance carriers can receive all client requests in real-time. Carriers obtain real-time data which enable them to immediately process information and report on that information immediately. Moreover, as all processes are automated, the data is accurate.
Eliminates inefficient operations and streamlines all practices
P&C software efficiently captures data quickly, completely, and accurately making it easy for processing policy and claim data. This kind of data capture eliminates inefficient operations and streamlines all business practices. All business processes are simplified, from home office, agents, policyholders, as well as claimants.
Eliminates carrier paper waste
A modern P&C software system eliminates the cumbersome paper work by managing all outbound documents electronically. The applications store client, policy, claim data effectively eliminating the manual work of issuing documents, filing, shredding, etc. Both clients and agents can obtain all critical documents online. Print is also drastically reduced, almost eliminating costly postage expenses as documents can be sent to agents and clients electronically.
Easily adaptable to legacy applications and future technological advancements
The architecture of the software allows flexibility when connecting to legacy/third party applications. It is, therefore, easily adaptable to any other modern and future technologies. Further, it is also easy to add new products and services to the software, allowing carriers to effectively compete in an ever-changing marketplace.
Online, real time form production and WORM archival
Modern P&C software systems are integrated with true WORM complaint document archival. Any policy/claim related images or documents can be scanned or e-mailed into the system easily and accessed from the world over. This enables real time online upload/download and true SEC compliant WORM storage/archival for carriers, agents and customers.
Increases productivity and overall performance of the company
Modern P&C software applications automate all business processes involving policy lifecycle: including application, quoting, policy issuance, endorsements, cancellations, payments, renewals, etc. All company forms are automatically generated and all vital documents can easily be accessed online in real time. Automation of all back office procedures enable carriers to increase efficiency and productivity. Real time data access helps them process requests quickly and improve the overall performance of the company.
Saves time and cost
It saves a lot of time and economizes the cost to carriers by avoiding cumbersome paperwork and almost eliminating the cost of paper and print. Automation decreases the entire policy/claim lifecycle and drastically reduces operational costs.
Real-time, ad-hoc reporting facility
The software produces all reports in real-time. All data is maintained on a detailed level that allows the system to produce any statutory or management reports. Modern P&C software allow for ad-hoc reporting functionality where users can be empowered and create reports on the internet and with little learning curve.