For Life Insurance Carriers, equipping distribution with state-of-the point-of-sale (POS) systems is critical to attract agents, increase revenue, enhance user and client experience, improve quality, and reduce costs.
While many modern systems, including our OPUS system, are modular in nature, enabling individual product solutions to independently integrate with virtually any other 3rd party system through API services, there are tremendous advantages to having these POS modules all in the same platform. Quoting, Illustrations, eApp, and other related functionality all work together, and to have them as one system provides tremendous benefit to all.
While the benefits would apply to Carriers of any size and complexity, this is especially true for smaller Carriers, including those who are making the move to cloud-based digital systems, who perhaps do not have the resources or expertise to effectively manage separate systems.
Here are 10 reasons to have them all together, in the same platform:
- Convenience: eliminate the time-consuming and inconvenient process for users to have to log in and out of different platforms, at times with differing technical requirements, to complete the insurance application process. When all are in the same system, it reduces the number of logins, simplifies the process and reduces frustration.
- Improved user and client experience: Users do not have to learn how to use multiple systems, which can be confusing and time-consuming. Having one system with a consistent interface and workflow can lead to a better user and Client experience.
- Access to information: Current cases, past cases, archiving, retrieving, all easily accessible in one location, with all of the information together for update, information, audit, and reference purposes.
- Accuracy: Enter the data once and ensure the data in the illustration is automatically carried over accurately to the application. If they are in separate systems, there may be a risk of data entry errors or discrepancies between the illustration and the application.
- Real-time data synchronization: Data can be synchronized in real-time, providing accurate and up-to-date information to all stakeholders involved in the insurance application process. This reduces the risk of delays, errors, and miscommunication, leading to a faster and smoother application process.
- Efficient workflows: Workflows can be streamlined and redundant steps can be eliminated, resulting in a more efficient and effective process. This leads to faster turnaround times and improved productivity for the insurance provider and better customer satisfaction.
- Integrations: Integrations between illustration and eApp systems are embedded in the system, meaning only having to build one, vs multiple, integrations with other 3rd party systems (Policy Admin, etc) delivering speed, cost, and security benefits.
- Change Management – One vendor completing the change once, vs having to coordinate across multiple vendors, enables quick and efficient deployment and significantly reduces risks associated with timing, delays, quality, and performance.
- Reduced costs: Reduce costs associated in dealing with multiple vendors and maintaining and integrating multiple systems. One vendor, one program, one point-of-contact.
- Data analytics: Easier to collect and analyze data, providing insights into the application process and customer behavior. This can lead to improved decision-making, more targeted marketing, and better product offerings.
The benefits of having the full POS system on the same platform are tangible, proven, and universal. Of course we would love to hear from you to get your perspective and provide additional insight !
Reach out at any time to [email protected]!