Policy Administration System (PAS) transformation and modernization is a key strategy for enhancing operational efficiency, streamlining processes and delivering exceptional value to customers. As the life and pensions industry becomes increasingly competitive, companies need to modernize their systems to stay ahead and meet their customers’ evolving expectations. Many companies are still relying on legacy systems built on outdated technology and infrastructure that hinder operational efficiency and agility. Modernizing those systems enables companies to adapt more quickly to market changes and regulatory requirements while offering flexibility to modify their product features at scale. PAS transformation fosters innovation and supports strategic business goals, which makes it a crucial way for companies to stay competitive.
A variety of benefits can be achieved through a modern and scalable PAS. It improves operational efficiency through automation and intuitive workflow and reduces costs by enhancing service quality, improving controls and eliminating redundant systems. It also enhances the customer experience through faster and more personalized service and enables better risk management and compliance adherence. PAS transformation is key to enabling a modern omnichannel customer experience, which increases customer satisfaction and understanding through wellness and educational capability built into modern digital customer journeys.
Time, cost, risk and expertise required to switch to a more modern PAS solution are often the barriers that deter companies from taking on a transformation of this scale themselves. One way to avoid those barriers is by engaging with an experienced partner who can provide a flexible servicing and technology model to support your business needs and help you navigate the complexities of PAS transformation. PAS transformation requires thorough planning, stakeholder engagement and a clear view of the future scope and target operating model.
SS&C’s PAS solutions offer scalability, cost-effectiveness and easy maintenance. By utilizing a multi-tenanted solution, you can benefit from highly configurable systems that are faster and less expensive to deploy and economical to run. You will also benefit from access to the latest features and updates without the need for extensive customization. End users benefit from a seamless experience across devices and channels, improved accessibility and reliability.
SS&C has extensive experience implementing our life and pensions PAS solutions to help transform our clients with minimal disruption, backed by our industry expertise. Explore our suite of Life & Pensions Solutions to learn more.
