STEP Offers Win-Win Solutions
STEP is the most flexible new business acquisition and insurance policy administration system on the market today. STEP delivers efficiency, simplicity and ease of use to all your key business functions — and customers.
- Business Development
- Underwriting
- IT
- Operations
- Customers
- Speeds time to market - get your new products to market faster
- Comprehensive - straight-through solution for origination, issue, underwriting, policy administration and claims
- Reduces lost opportunity costs - faster cycle time yields lower cost; improves customer service
- Automation - STEP rule-based platform allows you to focus on revenue, not low-level data gathering
- Responsive - ability to respond quickly to individual policy questions
- Market/regulatory intelligence - stay in the know about global market and regulatory situations
- Transparent - provides visibility for underwriting accountability
Business alignment
- Improves IT responsiveness to new business requirements
- Converges IT and business processes to enhance collaboration with non-IT units to improve the customer experience
- Accelerate time to service
Reduces complexity; enhances security
- Cloud-based software platform simplifies IT operations
- Reduce costs for low level routine tasks
- Focus in-house expertise on initiatives requiring knowledge of core business
- Improves data security
Shift costs from maintenance to new products
- Positions IT as a strategic asset, rather than maintenance function
- Creates a more agile enterprise
Strategic advantage
- Promotes a transformative business model
- Allows the company to attract all the parties to the value chain: customers, agents, service providers, staffing
- Positions the company to achieve profitability/price advantages over the competition
Cost effectiveness
- Reduces every aspect of cost: set-up, delivery, administration, commissioning, reserving and claims results
- Designed to eliminate significant unnecessary expenses: people, information, unsuitable prospects
- Drives dramatic improvements in the industries new business cost metrics
- Helps your company achieve or beat the pricing metrics in its products
Operational efficiency
- Improves customer retention and wallet-share capture
- Simplifies corporate compliance practices to simplify audit and reporting
Improves customer service
- Faster policy cycle time enhances customer satisfaction
- Faster claims processing improves customer loyalty
- STEP Solutions efficient workflow enables your team to answer customers' questions quickly and accurately
Provides transparency
- Customer portal provides real-time progress of underwriting and claims processing
- Provides clear understanding of underwriting decision making
