-by Peter Crowe, President, Team FOCUS Insurance Group
A Policy Administration System (PAS) is the center of all policy-related activities, from start to finish. Handling risk mitigation, underwriting, quote generation, policy issuance and maintenance, claims management, and more, a good PAS plays a vital role in the success of carriers and MGAs. Below are just some examples of how an exceptional PAS provides end-to-end exposure and policy management – everything you need in one resource.
Risk Assessment
Supports the underwriting process by assessing risks and factoring premiums. It enables you to improve combined ratios and assess risk across lines of business to give customers tailored options. It will also allow you to adjust your risk appetite to meet market conditions, proactively manage exposure in real-time, and allocate capacity by zip, county, state, or other criteria to deliver the most profitable risks.
Quoting/Binding/Issuing
Provides all the tools needed to create and manage quotes, convert sound risks to policies, and then issue policy documents for you. A good PAS will make it easy for agents to quickly quote and bind.
Policy Maintenance
Manages the policy throughout its lifespan, including handling any endorsements, renewals, or cancellations.
Claims Management
If a claim is filed, a PAS will help manage the process from initial claim filing to settlement.
Billing/Payment Processing
Manages premium billing, payment processing, and tracking, and should offer customers multiple payment options and schedules.
Compliance and Reporting
Ensures all policy transactions comply with current laws and regulations. It will also generate reports for internal use and to meet regulatory requirements.
Flexibility and Scalability
A successful PAS will also be scalable and customizable, offering tailored solutions designed with your unique business needs, ever-changing needs, and growth goals in mind. It should be able to quickly adapt by easily creating new products, adding or updating new states, rates, forms, rules, and more. Bottom line? A PAS should help you seamlessly, effortlessly, and quickly cut costs, boost sales, and thrive in our fast-changing market.
API Integration
Something else to look for in your PAS of choice is a large and continually expanding library of open APIs. This will enable seamless integration and data exchange with existing third-party solutions. This feature allows you to optimize your system by connecting seamlessly to other web raters or claims management solutions you may use.
Business Intelligence Analytics
A robust data warehouse and powerful built-in BI dashboards help you visualize and understand what’s happening in your business. This will allow you to view key performance indicators, analyze third-party data, generate reports on-demand, and more. This level of visibility powers faster, more sound business decisions.
Digital Portals
Self-service portals and workbenches give agents, MGA/MGUs, underwriters, accounting, claims people, and policyholders the features they need to zip through the system. Dedicated dashboards let users do everything faster: comparatively rate and quote, bind business, and manage customer services, payments, claims, and more.
Ease of Use for Agents
A good PAS will also be easy for agents to use, making quoting and binding as simple and fast as possible. And a great PAS will include a team of experienced Underwriters ready to assist agents with all of their needs.
Is your PAS doing all this and delivering maximum ROI for you?
If not, it’s time to make a change before the market passes you by. We understand the challenges associated with implementing a PAS or updating/integrating with an existing PAS, and we’ll work with you to ensure a smooth and seamless experience. At Team FOCUS Insurance Group, your success is our FOCUS. Access information about our PAS, PolicyPort® or schedule a demo today to learn more about how we offer everything you need in one place.
Team FOCUS Insurance Group President, Peter Crowe, began his career in technology consulting, which led him to many cities, companies, and even a few countries doing system implementations, upgrades, and conversions. A tech project he worked on led to an opportunity at RE/MAX, a real estate franchise company. Pete joined RE/MAX in 2013 and while there, served in various capacities including Vice President of Investor and Public Relations, Sr. Vice President of Marketing, Communications, and Investor Relations, and Executive Vice President of Business and Product Strategy.
Pete joined We Insure, a PEAK6 InsurTech company, in September 2019, where he served in the roles of Chief Revenue Officer and Service Operations lead. In these roles, Pete partnered with leadership and the We Insure team to help make We Insure an unstoppable force in the insurance industry. Through strong strategies and partnerships, Pete was able to assist in the expansion of We Insure into 25 new states, growing the agency footprint from 90 to 190 offices in just over two years.
In 2021, Pete shifted to the role of Executive Vice President of Team FOCUS Insurance Group, another PEAK6 InsurTech company, and has served as President of Team FOCUS for two years.
Pete holds a Bachelor of Business Administration from Indiana University, and an MBA from the University of Denver – Daniels College of Business.
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About Team FOCUS Insurance Group
Team FOCUS Insurance Group: Where innovation meets expertise. For more than 25 years, Team FOCUS Insurance Group has provided carriers and MGAs with the policy management solutions they need so they can FOCUS on growing their business. Our intuitive, agile, SaaS-based policy administration system, PolicyPort®, mitigates risk and drives profitability for our clients. Through our team of experienced Underwriters and service professionals, we also offer end-to-end policy management solutions including agent and policyholder support; claims support (FNOL and CAT); accounting/policyholder billing and check processing/posting; printing/mailing/imaging and more.
Built by insurance professionals for insurance professionals, we’re everything our clients need in one partner – and our FOCUS is their success. Learn more at www.teamfocusins.com.
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