Problem Statement: In a highly regulated P&C industry, ensuring compliance with each state specific regulation remains an on-going challenge. Inability to send accurate forms during policy issuance process or to send legally worded correspondence letters poses a large risk with liability open to be assumed by the insurance company.
Solution: PM AM has deep experience in handling content generation and management for property and casualty (P&C) insurance domain in US market as well as South America
PM AM has experience developing customizable applicable with rule based content construction, triggering and printing ability. Highly configurable engine for policy forms selection with dynamic content generation.
PM AM has developed a Web based forms configuration tool that allows quick searching and updating forms, rules and templates for both standard ISO and company specific insurance forms. Automatically populates variable data within forms, from different source systems to increase operational efficient and ensure accuracy.
PM AM has Extensive experience in designing, developing and maintaining forms for standard insurance as well as excess & surplus with all the major lines of business; General Liability, Professional Liability, Agricultural Liability, Internet Liability, Cargo Liability, Property, Inland Marine, Environmental, Auto, Marine, Surety and Worker Compensation.
PM AM has exposure to multilingual policy forms development like Spanish and Portuguese.
Business Intelligence and Analytics
Problem Statement: Traders, brokers, insurers and branch managers are seeking improved insight to corporate performance and profitability, gain efficiencies in operational management and processing, and achieve an integrated view of enterprise wide risk exposure.
Over years, Insurers have collected vast amounts of customer and market data. As this data has been stored in silos, and used primarily for operational purposes rather than for its wealth of business insight, financial institutions have untapped potential to strategically address trends in the business and increase the long-term profitability of the customer portfolio.
Solution: Our client set an agenda to create a single data source to which data from all business units get fed that could be used to provide inputs to the decision support systems. PM AM designed a solution with our client to eliminate dependency on multiple databases and have a single DWH for information processing.
The solution helped achieve:
A Single Data warehouse
Facility for users to generate various reports
Decision support system
Report generation and management
Problem Statement: Underwriting teams often struggle to achieve total written premium targets as they spend quality time on evaluating risk and taking underwriting decisions that slows down the pace of new customer acquisition.
Majority of the time is spent on entering data to the systems so that the systems could rate and calculate premium. Automating the data entry at any stage of policy creation could significantly speed up the process and have a direct impact on the bottom line.
Solution: PM AM has helped clients to streamline and automate part or entire quoting process.
Online Applications: Insurance applications can be received through different channels physical copy, email or fax. These applications have a lot of data that needs to be fed into the system by the underwriters to rate and calculate premium. PM AM has developed an online application that allow agents and brokers to directly enter the application information that saves valuable data entry time for underwriters.
Importing Schedules: A single property policy can have 100’s of locations covered. PM AM helped client develop a utility that allows to import 1000 of locations from excel sheet into the system. It helped the business cut down data entry time from hours to seconds and prevent human errors.
Problem Statement: With continuing soft markets, increased competition, a tough economy, and demanding producers and customers, it is critical to optimize channel strategies and fuel innovation in new product development. However, insurers are often faced with a complex legacy core system environment that is brittle, and is expensive to maintain.
Solution: PM AM has partnered with our clients to implement high-performance; mission-critical platforms that can power core systems such as policy administration, billing and claims. These systems have helped improve IT cost ratios while providing the flexible, configurable foundation needed for business transformation.
PM AM team has enabled faster new product development, improved channels, and has improved the ability of our clients to respond more quickly to business’ demands on IT.
Legacy Application Support
Problem Statement: With continuing soft markets, increased competition, a tough economy, and demanding producers and customers, it has become critical to optimize channel strategies and fuel innovation in new product development. However, insurers are often faced with a complex legacy core system environment that is brittle, and is expensive to maintain.
Solution: Organizations usually look to hire new talent for key new IT initiatives because their existing and tenured employees are already tied with existing projects. PM AM resources step in to free up your tenured IT employees with domain expertise so your employees can focus on the new initiatives and projects without having to hire and train new talent. PM AM assumes the full responsibility of supporting existing applications; PM AM does this at a lowered cost vs. internal IT staffs. This provides your company the extra bandwidth and saves you time and money from otherwise planned new hiring.
Legacy Technology Areas supported by PM AM
AS 4000/DB2/Informix/Power Builder/FoxPro
Lead Generation Basics for Small Manufacturing Companies
Like many manufacturing companies you are also losing your sleep over regulatory requirements, fast moving multinational companies and stiff price competitiveness.
*With the new government initiative on mandatory procurement from Micro and Small Enterprises (MSEs) every Central Ministry or Department or Public sector shall set an annual goal of procurement from MSEs with the objective of achieving an overall procurement of minimum 20% of total annual purchases of products produced and services rendered by MSEs in three years.
Many industries in the 21st century are struggling to reach to the same levels of growth they enjoyed in the 1990’s. Companies are in the constant lookout for ways and means to increase their revenues and profits. It is getting increasingly difficult and costly to attract new customers, as per research analyst it cost five times more to acquire a new customer than retaining an existing one.