With the insurance and technology landscape constantly evolving, SSP, a leading global provider of insurance software solutions, has invested $7.2m (£4.8m) in releases and upgrades for its Pure Insurance product. In the last year alone, this continued investment has enabled eight long-term SSP customers to access a new set of functionality that is keeping them competitive in the marketplace.
Those benefiting from the rich, broad functionality include customers across the UK, Caribbean, Africa and Australia, reflecting SSP Pure Insurance’s position as one of the leading global policy administration systems. This position was supported by Celent’s 2014 reports on policy administration systems.
Three of these customers, including FM Group in Bermuda, have been with SSP since the 1990s through three iterations of technology, ensuring their systems continue to support their growth plans as the industry evolves. Over that time, the upgrade process has seen them move from a UNIX-based green screen system to a Windows-based VB6 one, and now browser-based .Net technology.
With support for both commercial and personal lines, the modern web-based system enables data enrichment, as well as providing online broker and consumer access through portals. As a result, insurers can cost-effectively grow their business operations and rapidly provide external services, while taking full advantage of better risk selection and pricing.
Automating manual processes and removing duplication delivers lower administration costs and ensures policyholders benefit from a quicker and more efficient service. For example, the dynamic automation of monthly board packs provides a single view of the business at the touch of a button, enabling insurers to make immediate, informed decisions on their business strategy.
SSP’s investment in upgrading its software also ensures customers can launch products more quickly through the newly enhanced product builder functionality. Building and maintaining products using an Excel template offers a more agile approach that improves speed to market and delivers a competitive edge.
This capability also extends to claims management, driving reductions in average costs per head through dynamic triaging. Claims are directed to the right person and process depending on their type, rather than being progressed in a one-size-fits-all uniform manner.
All of these benefits are obtained through a smooth automated upgrade followed by significant testing that is completed rapidly, with little disruption to business as usual.
Nigel Kohler, Sales Director of SSP’s Insurer Division, said: “Technology challenges can be a key issue for established insurers, as older inflexible systems are a major hurdle in their ability to compete with more agile new entrants to the market.
“At SSP, we are continuing to make significant investments in our solutions, which includes three major releases for SSP Pure Insurance since its launch in 2011, to enable our customers to build on the technology investment they made some years ago.
“This allows insurers to benefit from new technology and functionality, ensuring they have systems in place to be competitive in their markets and deliver on their ongoing growth and efficiency plans.”