DB Results launches a new era of Insurance Policy Administration Systems
Insurance companies now have the opportunity to create a sustainable and competitive advantage
Despite facing immense challenges over the past couple of years, the insurance industry has remained resilient and continues to adapt to the ever-changing landscape. From navigating the ongoing war in Ukraine to mitigating the catastrophic impacts of human-induced climate change, the industry has shown its ability to rise to the occasion.
While natural disasters have affected general insurers and mental health costs have risen beyond projections for life insurers, these challenges have also presented an opportunity to demonstrate value to policyholders and the market.
Digital savvy customers are demanding improved personalised experiences and expecting more fluid transactions. As well as financial protection, customers now look to their insurance companies for more advice and information on risk management-related services, and flexible coverage to meet their needs. They also expect a fast, responsive claims service and ease of understanding when it comes to their policies.
For business customers, the demands are more complex. This cohort is no longer satisfied with a one-size-fits all approach. Instead, they expect a more nuanced and responsive service. They’re now seeking a long-term insurer partnership, with policies designed for their specific type of business.
This change in expectations and regulatory requirements means insurance companies must reconsider their entire business operations, including product development and policy administration.
However, quick pivots and venturing into new but unknown market territories requires a business to be nimble and technologically advanced. Relying on legacy systems means many insurance companies are being left behind. These old systems don’t allow for enhancements to distribution, launching new products quickly and effectively, or the adoption of new and necessary pricing models.
Legacy systems are significantly more expensive to operate, require dedicated IT specialists, and often involve multiple policy administration systems for various business needs. Importantly, they don’t allow for contemporary policy administration capabilities that are absolutely necessary to compete in today’s agile environment.
Insurance systems must be modernised to unlock an effective, competitive edge.
A new era of Insurance Policy Administration Systems has arrived
Policy administration systems are the foundations of an insurance company’s business agility to support transformation. Through transformation, businesses gain newfound capabilities, allowing them to compete in the rapidly evolving insurance landscape.
An agile core PAS enables business to combat market pressures, drive greater value and achieve strategic advantage. It also offers substantial savings as it reduces IT and operational costs by unlocking flexibility to respond to market requirements.
The benefits of DB Results digital iPAS for Insurance Leaders
Policy administration transformation can be a driver for differentiation and competitive advantage. It can also lead to a more efficient and standardised IT architecture, and a robust, reliable, secure and scalable technology platform.
The benefits of modernisation include:
- Easier Compliance by having the capability to keep up with evolving legislation and regulations, here and overseas
- Product Agility to bring products to market rapidly, while simultaneously modifying products as required
- A Modern Technology Foundation to support real time transactions, and offer a smooth and engaging digital customer experience
- Automation to deliver a seamless customer experience whilst achieving unparalleled productivity and reduced costs
DB Results can modernise and transform your policy administration system in record time
Transforming your business has never been easier than with DB Results’ cutting-edge policy administration platform. Say goodbye to the days of costly and lengthy transformations that drain your company’s resources. With DB Results, you can achieve a successful business transformation in record time, at a fraction of the cost of traditional methods. Our modern and flexible platform offers the agility and customization that insurance companies need to stay ahead of the game. Whether you’re looking to streamline your operations, enhance your customer experience, or increase your bottom line, DB Results is the partner you can trust to help you achieve your goals quickly and efficiently. So why wait? Let’s transform your business today!
Unlike traditional Policy Administration System (PAS) solutions, our system has been created specifically for the Insurance industry and caters to regulatory and reporting standards.
Product features of DB Results’ iPAS
Expert assistance to navigate your technology challenges
With DB Results, it’s never been easier to source a value-driven partner with a solid grasp on technology solutions, trends and innovations.
For nearly two decades, our team has worked alongside local and global organisations, across multiple industries, enabling businesses to break down silos, work smarter, and maintain their competitive advantage over disruptors in the market. We align technology strategies to allow businesses to grow through sustainability, profitability and scalability.
Our committed and experienced advisors collaborate with you from strategy to reality – creating a dynamic approach that delivers outstanding results to improve the efficiency and effectiveness of your business.
Working with a proven digital solutions partner
Transitioning to a more contemporary platform is a major step for any insurance company. DB Results offers extensive experience as a digital business consulting and technology company. Founded in 2004, we are a privately owned Australian company with global perspective and experience, employing specialists across Australia, Asia, North America and the United Kingdom.
We empower our customers through every step of the journey from strategy to reality, and provide end-to-end capabilities to own and evolve business capabilities. From the services we offer to the products we innovate, we focus on what works for each business customer and how we can deliver genuine change.
We have extensive knowledge and expertise in a range of industry sectors including, insurance, financial services, health, energy & utilities, government, and other essential services.
Ready to accelerate your digital journey?
Complete this form and a DB Results team member will be in touch.
As a trusted partner, we have deep expertise and insights into the complexities, challenges and opportunities life insurance companies face today, and we deliver business solutions that drive successful results.
Contact us today to learn more about our insurance policy administration services.