This March, Policy Administration Solutions Inc. is excited to be celebrating its 25th anniversary! When PAS was founded in 1996 the insurance industry looked very different than it does today. Companies relied on manual effort to handle most aspects of the insurance process, including submission clearance, policy management, billing, and claims. Now we have the power to process large amounts of data in real-time, eliminating many of the issues of the past, including human error, and as a result increasing time to market and profitability.
PAS has been able to innovate and adapt over the past 25 years as well by becoming an end-to-end solution, moving fully online, adopting flexible project management and implementation techniques, and fully supporting all lines of Property and Casualty Insurance, including Workers Compensation, SDI and Surety.
Development of an End-to-End Solution
After 25 years of adaptation and expansion, Policy Administration Solutions Inc. is now a complete end-to-end insurance policy software solution. This means that PAS has the autonomy and flexibility to implement all aspects of the insurance process including:
Submission Clearance
Quotes
Rating
Policy Management
Policy Generation
Billing; Agency and Direct
Claims
Document Management
Data Analysis
Reinsurance
Agent and Insured Portal
All PAS products are fully integrated with one another, with the ability to be installed and be used as standalone components, increasing flexibility and efficiency.
Becoming a Completely WEB Based Solution
One big change over the last 25 years has been the transition from traditional computer-based software and resource-intensive human processing, to a fully automated online, .Net, solution. While early software was a huge step up from using a pencil and paper to manage all aspects of insurance, it could not be responsive or predictive. Essentially it was an online filing cabinet.
Today, everything is automated and online. As a web-based solution, PAS is highly responsive, processing data in real-time, so that you can make big decisions using data more efficiently. PAS products are also fully automated, meaning that they reduce manual data processing and utilize predictive analytics and AI, saving time and reducing human error.
Flexibility in Project Management and Implementation
As PAS evolved so did the methodology behind project management and implementation. PAS solutions have always focused on meeting client needs by focusing on flexibility with emphasis in configuration when implementing a solution.
When PAS was first designing its solutions, software design and implementation was primarily a linear process using Waterfall methodology. However, with the introduction of Agile methodology in 2001, PAS has been able to deliver solutions with better control, with multiple opportunities for customer input, increased flexibility with time to market shrinking exponentially.
Today, PAS can utilize both Waterfall and Agile methodologies when implementing new solutions for clients. We also can combine these two methodologies as needed to suit the client’s own implementation strengths and desires, giving clients the ability to give input without having to be hands-on through the whole implementation process.
Supporting All Lines of Property & Casualty Insurance
Over the last 25 years, PAS has expanded to cover all lines of property and casualty insurance. This also includes Workers’ Compensation, SDI as well as Surety. This comprehensive scope has allowed PAS to develop solutions and expertise in all aspects of P&C insurance. Supporting all lines of P&C insurance means that PAS can design complete solutions that are fully integrated, there is no need to build a solution piece-by-piece.
Looking Forward
PAS has always been a leader in insurance policy automation services, providing solutions that save time and money, while reducing mistakes. As we move into the next 25 years the insurance industry will become even more automated than it is today. PAS is ready to adapt to whatever changes the future may bring, implementing fully integrated solutions at every level of P&C insurance.
If you would like to learn more about the full PAS line of solutions, you may do so here.
