Modernizing Insurance: Policy Administration

The servicing of policyholders is a core business capability in an insurers’ value chain, whether it’s binding new policies, ensuring customer renewals, or providing the right service levels throughout the entire customer journey. However, with increasing risk variables, multiple custom-made systems, rate pressures, and rising customer expectations, policy administration is a driver for process inefficiency and customer dissatisfaction. The modernizing of policy administration platforms and processes can reduce cycle times, improve efficiency, enhance straight through processing, and increase customer service levels.

Based on a recent AM Best poll, underwriting and policy administration have now become a lead focus area for innovation and digitalization opportunities given its overall impact on growing the premium base while maintaining costs. But where to start?

Watch this session on-demand to understand how Celonis and KPMG partner with insurers to improve expense ratios, accelerate work cycles, and increase customer satisfaction.

We discussed:

• Inefficiencies in the end-to-end customer policy lifecycle
• Managing process complexity and customer expectations
• Typical challenges insurers are having with modernizing their platforms and processes
• Leveraging process intelligence to optimize policyholder servicing

Watch the session on-demand now.

Watch Part 1 of the Modernizing Insurance Webinar Series, Modernizing Insurance: Claims here.

*Some of all of the services described herein may not be permissible for KPMG audit clients and their affiliates or related entities.