Why did UV Insurance decide to modernize its legacy Policy Administration System (PAS)
Founded in 1889, UV Insurance had been facing increasing challenges over the past few years due to the outdated nature of their Policy Administration System. Their legacy technology systems had prevented them from optimizing the policy approval process which had a negative impact on their customer experience.
The old PAS with its ancient DOS set-up was difficult to learn and operate. It prevented the company from accelerating product innovation, creating better client engagement, and streamlining critical processes‒like policy application.
To build a foundation for future growth, UV needed to transform its IT landscape.
What were the key business goals that UV Insurance was looking to tackle?
In order to modernize and fully transform their policy lifecycle workflows, UV insurance needed an automated process that would ensure accuracy and efficiency.
Their traditional policy application system was lengthy and complicated. The DOS setup required substantial training to operate effectively. All this resulted in an inefficient process, whereby valuable skill was wasted on mundane and repetitive tasks. UV insurance staff spent a lot of time and effort reviewing applications and managing the approval process instead of working on higher-value tasks. Furthermore, manual data entry processes created a higher risk of error and omissions rates – as well an increased number of NIGO (Not in Good Order) applications.
UV Insurance needed an end-to-end suite of integrated solutions that offered advisors the online capability to efficiently deliver illustrations, complete and submit electronic applications, as well as provide client and advisor service through an online portal.
Why UV Insurance chose to partner with Equisoft
UV Insurance was looking to partner with a company that would provide them with the fastest, most configurable, electronic application software available. With improved advisor and customer experience front of mind, they required a solution that would overhaul their previous onboarding workflow and allow for quick completion of applications and approval decisions.
Equisoft stood out because of the ability to implement and integrate the Oracle Insurance Policy Administration system (OIPA) back-office platform, with state-of-the-art illustration and eApp solutions.
Equisoft/apply: a critical piece of the transformation
The Equisoft/apply solution was a crucial component of UV Insurance’s digital transformation, as well as a critical reason Equisoft stood out as the partner of choice. Equisoft/apply was enticing for many reasons:
- It turns labor-intensive, manual processes into accurate, automated workflows
- It is specifically designed with ACORD standards in mind
- It enables online and offline usage with full data synchronization
- The interface is customizable and easy to use
- Equisoft/apply fully integrates with the OIPA policy admin system and the Equisoft/illustrate tool
UV Insurance’s Transformation
Equisoft/apply, Equisoft/illustrate and OIPA provided UV Insurance with the ability to make instant approval decisions in real-time. This solution was critical in the carrier’s ability to continue to grow, streamline processes and sustain competitive advantage.
Read the case study to find out how UV and Equisoft were able to successfully integrate Equisoft/apply with the OIPA policy admin system and how UV was transformed.