Are you looking to implement a new Policy Administration System?
Today’s insurance institutions are heavily reliant on IT systems to support their core applications and business operational models.
However, competitive environments, pricing pressures and changing market dynamics are forcing insurers to consider a change of their antiquated Policy Administration Systems (PAS).
At ecosysBiz, we understand that “time to market is a key driver”.
Therefore, we help insurers to find and implement systems that can help them develop new products and can swiftly enhance existing ones, enhancing the flexibility of product development so that they can enter product niches, reduce the overhead costs of systems maintenance, and improve operating efficiencies.
How can ecosysBiz help you?
ecosysBiz has a successful track record of helping global leading insurers to implement new Policy Administration Systems.
We have crafted a proven Policy Administration System Framework that consists of three key components or processes.
1.- Policy Administration Selection: we help clients to create a case for change and assess implementation scenarios upfront, before actually implementing the change. By defining a future state vision, our clients can successfully identify and select a best fit solution.
We identify an organisation’s drivers and capabilities, processes, requirements gathering (IT/Business) and use cases to develop the criteria for a system selection.
2.- Policy Administration Implementation: we help clients to design the target state for business and technology based on leading PAS implementations to meet specific business, data and technology requirements for claims, product, data, processes, underwriting, regulatory requirements, finance and policy administration.
We help clients implement Policy Administration Systems by leveraging our accelerators and expertise base for numerous global transformation projects of all sizes, including:
– Process flows, architectural designs that go into detailed process maps.
– Business operating models impact assessment.
– Data conversion mapping for internal and external third-party systems. Establishment of data standards and governance
– Testing and training documentation
– Leveraging offshore/outsource resources for cost-effective implementation.
3.- Policy Administration Post-Implementation (Business Readiness): we help clients prepare an organisation to effectively and successfully use the latest technology and processes via user training.
We combine our deep experience and understanding of the insurance industry with the data, operating models and technology landscape to pursue the right approaches for tackling data and analytics, automation, customer’s journey and experience, digital transformation and platformification, business analysis, strategy, and transformation.
Our diverse and experienced resources are formed of insurance industry leaders, strategists, business analysts, SMEs, visionaries, chief underwriting officers, underwriters, product managers and operations professionals, technologists, data scientists, project managers, business architects, solutions architects, enterprise architects, and operating models experts.
Our purpose is to bring certainty to business that boost sustainable growth worldwide.
We pride ourselves on our precision of execution and benefit realisation. Our disruptive approach helps build confidence in the marketplace.