Your core system may be holding you back. Switching to a new platform is a big decision, though, and it’s not one to be rushed into or taken lightly. Before you replace your insurance policy administration (PAS) system, ask yourself these 10 questions.
1. Will every department get behind the implementation? Think about the various departments this decision will impact. For example, if you’re replacing your claims system, how will the claims department be impacted? How will your customers be impacted in the event of a loss? Before you move forward, discuss the change with the relevant departments. If you can bring key individuals on board so they’ll act as champions for the new system, the transition will go much more smoothly.
2. Will your staff really embrace change? People might say they’re open to new technology, but then suggest requirements that replicate the current system. While it’s understandable that your staff may want to keep some processes that work for them, true progress requires an open mind. Listen to your vendor about how to take full advantage of your new system.
3. Are you ready to replace everything? In some situations, transitioning to a completely new system may be the best approach. Other times, replacing only part of your existing system might make sense. Consider what’s working, what’s not working, and how many vendors you would have to work with.
4. Do you have the needed budget? Your new PAS will likely be based on new technology, and that can require some major upgrades. Be ready to budget for software, but with a watchful eye on the return on your investment.
5. Are you ready to train your staff to maintain the system? Your staff will need training on the new system. Consider the time and cost that will go into this and look for a partner with certification(s) to get your team up to speed quickly.
6. Are you ready to train your staff to use the system? Your staff will still need to learn how to use the system, and how to use it efficiently. Again, consider the time and energy that will go into this training, especially if your workers are already being stretched thin.
7. How can you leverage external data? Consider how your new system will be able to leverage external data in your rating and underwriting processes. The system may already have an interface that is capable of this, or an appropriate interface may need to be built.
8. What channels will the system support? To stay competitive in today’s market, you’ll want an omni-channel approach that includes self-service capabilities and is mobile ready.
9. Will the system allow you to make product changes? Market conditions change fast, and you need to be able to adapt quickly. Consider how the new platform will make it easy for you and your internal teams to make product changes quickly and efficiently.
10. Will your staff have enough time to use the tools? The system should allow your team to make product changes, but how much time will be needed? The answer may depend on how often the tool is used. If it’s used frequently, your team will probably learn how to do it efficiently, but if it’s only used occasionally, the process may seem more cumbersome and it may be better to partner with your vendor for less frequent tasks.
If you are looking for a new core platform, don’t decide until you have vetted the Diamond platform. Diamond is an all-in-one solution that combines core policy processing, digital engagement and intelligent data to help you stay ahead of the curve and compete with speed and scale. Our preconfigured framework facilitates real-world planning so you can put your products on our platform faster and avoid missteps. Contact us to learn more.
