Insurers today have a plethora of third-party solutions to choose from.
These solutions vary from flexible billing methods to underwriting tools for improving the bottom line. Narrowing down which solutions best pair with your business can be a tricky process.
WaterStreet Company offers cloud-based P&C Policy Administration Software for managing policies, claims administration, document management, billing, accounting and more, capable of connecting to any number of third-party solutions.
Cost Benefits of Third-Party Solutions
Global P&C insurance underwriting experienced an $8.9 billion gain in the mid-year 2020 period. This has led many insurers to seek new methods of underwriting, including rating by peril and usage-based insurance.
The goal of many insurers today is to minimize underwriting expenses and reduce the costs incurred by the insurer in order to maximize underwriting profit. Third-party solutions are capable of improving efficiencies across the business as well to revitalize old processes with smarter approaches.
To measure the effectiveness of third-party solutions, consider the following:
1. Time to Resolve Bottlenecks
How does your business process improve to reduce time spent searching for documents, handing the process off to another department or enhancing daily workflows? Account for this time saved and the importance of roles impacted.
2. Improved Loss Ratio
How does this new solution help the efficiency of claims management and detect fraud? Account for how the new solution helps to reduce manual labor and redundancies with a more digital workflow, reduce the number of total reopened claims, and reduces the variance in payouts by adjuster.
3. Improved Customer Experience
Does the solution help retain customers with easy claims submissions and a fast resolution? Account for reduced time spent resolving claims, simple communication with customers for reduced time dedicated by customer service, and the benefits received by customers for accessing or submitting their own documents to further reduce time spent communicating in real time with the insurer.
4. Enhanced Data Accuracy
Does the solution offer your underwriters better information for risk assessment? Account for improved accuracy with risk assessment to expand the insurer’s market with properties that may be deemed high-risk through outdated methods of measuring risk, improved pricing, such as through rating by peril, to more closely associate the cost of the claim with the cost of the coverage to insure, and the benefits of risk segmentation with programs such as usage-based insurance to compare the risk of similar policyholders.
WaterStreet Company & Third-Party Connections
WaterStreet Company has vast experience connecting with third-party solutions. Our advanced API has allowed us to connect with next-level solutions for secure and flexible bill payments, geolocation data to inform underwriters on property history, enablement of self-inspections and many more.
We are a vendor-agnostic and all-inclusive P&C Policy Administration provider, fully integrated with a suite of all the fundamental modules for document management, billing, accounting, reporting, claims administration and a white-label insured portal in addition to our third-party integration capabilities.
Reach out to WaterStreet Company today to request a consultation and demo of our solutions.