123ArticleOnline Logo
Welcome to 123ArticleOnline.com!

ALL >> Insurance >> View Article

Essential Characteristics Of Policy Administration System (pas) And Need In Insurance Companies

By Author: Steven M Richard
Total Articles: 12

Insurers are looking for ways to reduce costs and improve operational efficiency. Implementing policy administration system (PAS) helps insurance carriers to operate efficiently and get optimal results. Implementing an innovative policy administration system enables them stay ahead of competitors in the market.

Characteristics of Policy Administration System
• Adaptability
Traditional form of policy administration system lacks being versatile to add or remove products in the market where the business insurance needs change constantly. Hence, ensure whether the system supports your current business needs and other additional requirements which may arise in the future.
• Easy Access
Majority of the customers prefer to search online and request quotes from multiple insurers. If your PAS is not web enabled, then you are missing opportunities to contact that group. Additionally, ensure that the system is mobile friendly.
• Easy to Use
Make sure that the new system operation is not only functional but also user friendly. Utilizing more time and resources means that your system is less effective.
• Scalability
The system should be scalable enough and allow new features and more customers without any major issues. It should be able to scale up to any number of transactions with no changes in the programming side.
• Flexible Structure
System hardware should be flexible and adapt to changes that are made by adding new items without the requirement of database or programming changes.
• Configuration
Insurance products often have overlapping features. The new policy administration system can be made effective by making sure it provides effective configuration sharing for different products with common characteristics.

Why of Policy Administration
• Policy administration system is insurance software that helps in managing the customer records and logs activities like invoicing, billing, claim settlements, etc.
• Policy administration system effectively manages high volume of customer records and reduces paper work by maintaining the records electronically.
• Record manager updates with timely changes and saves information of each new customer.
• It also deletes records as soon when policy is settled and ensures that no useful data is lost in the process.
• Policy administration system can avoid the damage which can be caused while settling claims. This is the major aspect of any insurance company where any mistake done while settlement may damage the reputation of the company.
• Policy administration system helps to make the settlements easy by calculating the amount accurately using the stored data.
• PAS validate the customers’ data as it goes through and alerts the company about the warning and compliance issues (if present).
• PAS provides an interface which makes it easy for the employees to find information or data and serve customers.
• Programming skills and advanced knowledge are NOT required to work a policy administration system.

Policy administration system not only maintains and manages records effectively, but also helps in reducing the work load by avoiding loss of data and lowers cost.

JDi Data Corporation has been providing insurance solutions and insurance claims software for 30 years. The product suite includes insurance management software and claims management systems for property and casualty, medical malpractice, risk managers, third party administrators, etc. To learn more about JDi Data insurance solutions, visit our website.

Total Views: 170Word Count: 494See All articles From Author

Insurance Articles

1. Should You Buy Used Cars Greensboro Nc
Author: sylvan

2. Advantages Of North Carolina State Credit Union
Author: sylvan

3. Why Join North Carolina Credit Union
Author: sylvan

4. The Mortgage Adviser North London Can Help You Find The Best Deals Within No Time
Author: darvinjarel

5. Vital Factors To Consider When Selecting Best Health Insurance For Foreigners
Author: Alzbeta berka

6. Reasons To Contact Public Insurance Adjusters In Philadelphia For Help
Author: Donna

7. Why Is It Advisable To Avail A Critical Illness Insurance
Author: ETLI

8. 5 Reasons Why Ulips Are One Of The Best Tax-saving Instruments
Author: Edelweiss Tokio

9. How A Home Insurance Broker Can Save You Money
Author: Jason Davis

10. Travel Insurance Options For Traveling Abroad
Author: Alexander Noah

11. Life Insurance Brokers London Can Help You Find Best Policy That Offer Complete Financial Protection
Author: darvinjarel

12. How To Select The Best Financial Advisor
Author: kevin ben

13. Choose A Good Financial Advisor
Author: William James

14. How To Get Cheap Auto Insurance In Calgary
Author: Jason Davis

15. How To Reduce The Cost Of Auto Insurance
Author: Jason Davis

Login To Account
Login Email:
Forgot Password?
New User?
Sign Up Newsletter
Email Address: