In order to compete in the highly technology-driven industry, insurers are increasingly turning to automation and unified platforms for their lines of business as a substitution for obsolete legacy systems. Yet, transitioning towards these new platforms often come with trepidations of lengthy and costly implementations. However, these fears can be offset with a deployment plan that can significantly increase efficiency and lower costs of ownership.
Philadelphia Insurance Companies (PHLY), one of our latest customers to deploy a centralized platform for their property and general liabilities lines of business, recently went in production with our Policy Decisions Evolution (PDE), which has introduced PHLY employees and customers to streamlined workflows, easier bundling of policies, and customized downstream billing support.
The insurance industry’s preference for automation results from the market pressure to get into production. Although automating processes requires significant time and resources, by incrementally transitioning PHLY to our Policy Decisions Evolution, PHLY was able to conduct functional and end-user testing on one portion of the solution while conducting the next phase of the product development. This hybrid implementation methodology, which is structured and planned but contains agile components, allowed us to deliver the project within an accelerated timeline of five months. Streamlining testing and review activities improved speed-to-market in delivering a single platform solution in a short timeframe.
The Philadelphia Insurance’s policy decisions deployment allows them to maintain a leadership position while spending less time focusing on their technology infrastructure and more time on their unique business needs. By using the PDE platform and configuration tools, PHLY can increase speed to value and enable quick responses to market conditions for their lines of business.