You are here: DIME Home > Finance > Essential Characteristics of Policy Administration System (PAS) and Need in Insurance Companies


Essential Characteristics of Policy Administration System (PAS) and Need in Insurance Companies

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.

Author: Steven M Richard
Date: Apr 23, 2015 - 2:14:09 AM


Printer FriendlyPrinter friendly page

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.



View all articles by Steven M Richard

Link to this article:

Code to copy: <a href="http://www.dime-co.com/finance/Essential-Characteristics-of-Policy-Administration-System-PAS-and-Need-in-Insurance-Companies.shtml">Essential Characteristics of Policy Administration System (PAS) and Need in Insurance Companies</a>




Related Articles...

College Account or Retirement Account Which Money To Spend?

Jun 27, 2011 - 6:08:52 PM

It can be very hard at times to figure out which money to use for paying your student's college bills. Some use their retirement balances which get favorable tax treatment, while other people use their special college account funds.... [Read the full story]

How Do Credit Card Companies Make Their Money?

May 26, 2011 - 8:26:22 AM

We've all received offers, often quite persistent, to sign up for a new credit card. Credit cards themselves are great, because you can get the things you need even without cash readily available. However, don't you ever wonder how many credit card companies are out there? Because of the growing market for credit card users, it seems that every day, you get a solicitation letter for a new credit card company. The large playing field results in a lot of competition for credit card companies.... [Read the full story]

3 Quick Ways To Save Money

May 23, 2011 - 3:03:57 PM

There are hundreds of easy ways to begin cutting your expenses and saving more money each month. Some are as simple as cutting down on impulsive shopping sprees and entertainment, while others involve a little creativity. If clipping coupons is the only thing that comes to mind when you think about ways to save, read on!... [Read the full story]

Mortgage Assistance In Canada - The Right Help

May 3, 2011 - 10:01:27 PM

Most people take out mortgages to purchase a home. These mortgages are generally paid on a monthly basis. But, for some people getting the right mortgage plan may be difficult due to lack of proper information and for some due to lack for credit history. The government provides mortgage assistance in Canada so that the citizens can overcome the difficulty in taking out a mortgage.... [Read the full story]


Newest Articles in Popular Topics:

Business & Marketing Computers & the Internet Entertainment Health & Fitness
Finding Ways To Save Money And Maximize Revenue In Business
Cooper's Golf Park Tees Off Their New Website
Fiinovation Adjudged CSR Team of the Year & Caring Company at World CSR Day
Reasons Why Kale Realty is the Best Real Estate Firm in All of Chicago
Montreal Tech Startup Kangaroo Rewards Launches Mobile Loyalty Program for Local Merchants
It is time we break out of the SEO Shelter
3 Strong Reasons You Should Start Your Own Blog
Evolve Your Career With CompTIA A+ Certification Exam
High speed VMware Backups - Powered by UltraBlaze(™) from Vembu
Things to Consider When Selecting a Domain Name for Your Website
Fling Boom "Launches" This Holiday Season
Beautiful Abstract Canvas Art is Up for Grabs
Buying Art as a Gift: Tips From an Expert
Complete Guide to the 2014 Gatlinburg Fine Arts Festival Released by Jackson Mountain Homes
Learn Blues Music Online-Alternative to Traditional Piano Lessons
Avoid This Weight Loss Killer
Recognizing the Causes and Symptoms of Bladder Cancer in Women
Four Reasons to Consider Permanent Tattoo Removal
Three Types of Hormone Replacement Therapy and Why They Are Needed
Causes and Treatment of Acne

Home & Family

Shopping

Sports

Travel
Enhance Your Learning Experience Through Best Responsive Elearning Development Tools
Best Apps for Learning German
Esvees is Cranbourne's Elite Hair Dressing Company
Ozone Generator
Practical Tips When Choosing Gates and Gate Openers for Your Home or Business
Why Cases are Required for Mobile Phones?
Are Dealership Services Worth It?
2015 Jeep Grand Cherokee Named Must-Shop SUV for Towing from AutoTrader.com
Online Selling With An Appraisal Advantage
Macsome AudioBook Converter released New Version V2.0.4
Aditi Ashok signs off with a double
Softball Coaching: Avoid Becoming A Nattering Nabob of Negativity
Softball Coaching Tips - The Funnel Approach
Pick Up Specialized Advice on Jumping Exercises Which Are Highly Effective
Vertical Jump Training Tactics to Increase Your Athletic Performance
Tips for Choosing the Right Paris Short Lets
Hostels - the best choice for working womens and college students
Perfect holiday? Book a cruise and sail in Croatia!
Say Aloha to Your Best Vacation Ever with Kohala Coast Properties
The Perfect Guide for a Fantastic Family Trip to Kansas City

 



Follow & Share Your Favorite Video Articles

Tell a Friend About This Site



Chamber of Commerce - on the Web logo



Subscribe to the eMarket SmartsTM Newsletter in order to keep up to date with what's happening with dime-co.com, get the emails on new video articles, featured articles, and more. Your privacy is always protected. We never rent, sell or trade your private information

:
:

Service provided by GetResponse Autoresponders


Recommended Associates


Latest Articles in All Categories


Putting Up a Small Commercial Printing Business
So You Might Be Unemployed And Desire To Become A San Francisco Real Estate Investor Now
Meditation and Mindfulness: Dealing With Emotion
CPA Websites: Five Essential Ideas for Composing Convincing Articles
Set Goals In Order to Come Up With Your Action Plan
Is the Air in Your Home Safe to Breathe?
Coarse Fishing Tackle Review: The JW Young 13ft Trotter Rod
Section 1031 Exchanges For San Diego Real Estate Investors
Phoenix Real Estate Investing For Highest Possible Earnings
Legendary are the Volk Racing TE37 Wheels
Developing the Next Generation Wall Station (ChaseDesk™) for Healthcare - A Case Study
What are step down transformers?
Introducing Sharehype, the Revolutionary Tool for Online Marketers
Rewards To Shopping For Austin Real Estate On The Web
Hydroponics for Beginners



Do you write?

Would you like submit your articles and have them approved on a priority status? Find out more about how you can become a Priority author for pennies a day! Click here.

Dime-co.com Home
  • Business (9328)
  • Computers & The Internet (5740)
  • Entertainment (1348)
  • Family (958)
  • Finance (1963)
  • Health (4246)
  • Home and Living (6670)
  • Marketing (6113)
  • Shopping & Product Reviews (2624)
  • Sports (694)
  • Travel and Vacations (1689)
  • Video Articles (1)
  • Editors Pick (1)