PRS Consulting’s Portal Solution connects the Insurance carrier with its producers, customers, employees and external vendors thereby enabling centralized access to all of the business information, service applications and tools they need to conduct business in the most efficient and effective manner possible. This portal is a front-end module of the enterprise application that can be used as a window across all channels, staff & customers.
PRS Consulting’s Portal Solution Framework
Critical elements of a customer - centric business strategy are fast access to business information and seamless transactional capability for employees and the field sales force. Traditionally printed documents, fax, e-mails and telephone interactions have been at the core of operations. However, insurers are now realizing the benefits of insurance portals for producers and consumers as a potential for increased operational efficiency as well as to provide the carrier itself with an image uplift and a competitive edge in an otherwise soft market.
The PRS Consulting offering is designed to establish more effective and efficient channel and operational management by targeting three pillars of activities:
- Sales and policy origination
- Agent management and information
- Policy holder servicing.
Our Portal Solution is an extranet solution that leverages the legacy assets of the organization to enable secure and direct access to core systems. The result is reduced staffing costs associated with originating and servicing policies and reduced costs of written material.
Portal Solution Architecture
PRS Consulting Advantage
The PRS Consulting Portal Solution for Insurers delivers business value across the insurance value chain:
- Seamless quote creation and policy bind capability to enable faster policy issuance, improved Turn Around Time (TAT) and greater customer satisfaction
- Remote agents feature to empower the field force with real-time connectivity for sales and customer support
- A common repository to share/access information and applications for all users and various legacy systems (with the help of our Data Warehousing solution)
- Increased security by role based access to the portal content
- Rapid deployment and standards compliance (e.g., XML)
- Increased business growth for the insurer through quality support provided by the portal, quicker sales and turnaround cycles, more cross-selling opportunities, and higher sales persistency
- Reduced complexity of business processes for agents—ease of doing business, speed to market, superior cost management—thereby removing the obstacles to acquiring more and more profitable target market business from key agents
- Faster speed to market for: distribution of policies, riders, endorsements; acquisition of policy rate/quote/issue information; distribution of new rates, underwriting requirements and appetites; policy language to agents/brokers from agents
- Superior cost management including reduced (or eliminated) printing and postage costs for policies, forms, etc. as well as reduced staffing costs for data management
- Operational efficiencies through: single-channel communications with external partners; linked event-based, cross-functional business processes; increased data accuracy; faster decision-making; and reduced back-office staff and administration costs
- Greater user satisfaction and retention through enhanced service capabilities; improved productivity with easier access to information; and superior customer service.
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