Globally, insurance companies face similar problems with their policy administration function and supporting technologies, such as:
• Difficulties developing new products
• High processing costs
• High maintenance costs
• Unacceptable customer service levels
Although legacy systems play a large part in these challenges, process and organizational factors are often contributing factors.
Our team of policy administration specialists can help your company address its policy administration challenges and realize the long-term benefits of an optimized policy administration function.
• We will work with you to develop an operational strategy that defines what role policy administration will play in the enterprise, from a pure utility to an enabler of customer experience and significant competitive advantage. We help:
+ Develop the operations strategy and linkage to customer value and distribution partners.
+ Define rollout strategies for new offerings and services.
+ Establish a robust business case to support the case for change.
Target operating model design
• We will help you build an industry validated and company specific policy administration operating model that will allow you to better respond to customers, regulators and competitive threats.
• We will help you realize lasting change and results by aligning roles and responsibilities, skill requirements, performance targets and incentives, processes, control, data, and enabling technologies.
Policy administration system selection
• We will help you define your company’s business drivers, unique processes, and high level requirements to develop the evaluation criteria that will enable system selection.
• With the defined evaluation criteria and high-level requirements, EMPHASIBS can help you scan the vendor marketplace for visible system solutions and evaluate the responses with an independent and unbiased lens.
Process assessment and optimization
• Based on our industry experience, we will help your organization improve its policy administration capabilities through a systematic, disciplined examination of your current policy administration processes.
• Based on industry leading practices, assist you in rethinking and redesigning these processes to achieve dramatic improvements in areas important to your customers and stakeholders.
• More than 60% of large transformational initiatives fail. This occurs for a variety of reasons, like lack of stakeholder buy-in or the inability to articulate the benefits of the change.
• We will work with you to develop a clear understanding of your business needs. We work across process, people and technology to make that change a reality for the long term: and we focus relentlessly on the benefits of transforming your business.
Policy administration system implementation
• We have experience in implementing policy administration systems; we can help your organization with:
+ Business and technical requirements
+ Configuration of the solution
+ Data conversion
+ Integration of package with other systems
+ Testing and training
+ Project management and governance
When to call us
You need to improve your policy
Administration processes to increase
Processing speed, improve quality, improve
Time to market, or reduce risk.
• Rapid improvements in quality, capacity, timelines and cost can be achieved by applying proven process re-engineering and workflow improvement methods.
• We will focus on your needs based on operational strategy, competitive position, and overall business requirements to look at your end- to-end processes and eliminate non-value adding activities.
• We can assist with product development and rationalization, segmentation, and distribution channel enablement to support growth and improve ROI.
You need to implement a complex, policy
Administration focused, transformational
• A key part of any transformation initiative is strong governance and a deep understanding of the linkages between policy administration and the other functions of the business.
• Our insurance specialists have extensive, hands on industry and consulting experience in project and program management to assist in:
+ Planning the transformation and mitigating risk
+ Establishing and managing the transformation PMO, tailoring it to the type and size of change and to your internal governance processes
+ Executing the transformation and enabling benefits realization
You are contemplating or in the process of
Implementing a new policy administration
• Our team of insurance specialists will help you to define business requirements and evaluation criteria.
• We have extensive system vendor experience and can rapidly assist in market scans for potential policy administration vendors best suited for your particular needs.
• We can assist in the vendor selection, negotiations, and implementation planning and execution.
• We also help with providing support and guidance in areas of data conversion, project management, testing, etc.
Strategic operational transformation and new policy administration system implementation
• We have assisted many insurers in the implementation of a new policy administration system, in tandem with a strategic operational transformation.
• Our engagements have included the re-engineering and transformation of the operations, identification and execution of process improvements to drive improved performance, and the planning and execution of end- to -end policy administration system replacement.
Policy administration system procurement
• We assisted insurers in the procurement of new policy administration system by:
+ Developing business and technical requirements linked to operational and corporate strategy
+ Conducting a thorough local and global market scans
+ Issuance and management of an RFI/RFP and evaluating the responses with management against the signed off evaluation criteria.
+ Contracting, negotiations, and the development of sourcing agreements, SLAs, etc.
Target operating model design and Implementation
• We have assisted numerous insurers in the design and implementation of leading target operating models. Our engagements have included:
+ Development and execution of centralized/decentralized organizational structure and shared services strategy in parallel or independent of the replacement of the core legacy systems for policy administration
+ Development and implementation of plans to reorganize the insurer’s operations, to implement high-value practices and, to simultaneously reduce operating expenses including the adoption of workflow and straight- through- processing (STP).
DIGITALIZATION IN INSURANCE
The insurance industry has been slow to adapt to technology. What happens to an insurance company, its brand, its customer base, its workforce, its future when it fails at digital transformation?
• We will work with you to define your technology drivers, that will allow you to better respond to customers, regulators, and com
• We will assist in vendor selection, negotiation and implementation planning and execution.
Automation Strategy: EMPHASIBS’ Approach to Robotic Process Automation (RPA)
Robotic Process Automation (RPA) has become one of the most important technologies for business transformation. Its potential to improve business agility, operational performance, and customer experience is massive.
• We will work with you to develop RPA strategy (operating model, Business Case, and Roadmap)
• We can rapidly assist in market scans for RPA vendors best suited for your needs.
• Opportunity identification
• Proof of Concept (POC)/Pilot advisory
• RPA execution support.