José Ríos, CEOOf late, process automation has become a crucial factor in enabling insurers to attain higher productivity. It has the potential to escalate efficiency while giving a unified operational view of the policy lifecycle. This is where SISTRAN comes into the picture to set right the Achilles’ heel of insurers with its solutions. The company injects the power of automation and ameliorates internal workflows. For insurers, end-to-end policy processing transforms into an effortless task as SISTRAN applies cutting-edge Straight-Through Processing (STP).
“Our SISE solution changes the paradigm of the insurance arena and empowers insurers in unprecedented ways,” says José Ríos, CEO of SISTRAN. SISE encompasses all aspects of policy lifecycle and simplifies day-to-day tasks. “Insurers can offer customized quotes to prospective policyholders, which have been created by Insurance Product Designer—a key feature of SISE,” he adds. Through fast and full quote feature, insurance companies not only present a detailed breakdown of premium summary, but also mitigate business risks and manage currencies and buyers. After delivering a quote, insurers can issue a policy and address any policy related queries and changes. SISE transforms policy administration into a click based event and enables insurance companies to renew and cancel policies as per policy buyers’ decision.
With SISE, insurers can significantly improve their workforce productivity and reduce the cost of operations. Using reports and in-built dashboards, they can monitor the productivity of employees and calibrate their performance against business objectives. “SISTRAN also discerns the intricacies in legal regulations across various jurisdictions to attune the processes and workflows of insurance companies,” states Ríos.
Ríos recognizes the business value of channels in the realm of insurance for forging relationships with the policyholders and prospective policy buyers. Using SISE, insurers can incorporate non-traditional channels by integrating with mobile applications, notifications, and social media.
Our SISE solution changes the paradigm of the insurance arena and empowers insurers in unprecedented ways
Through SISE, SISTRAN enables insurers to enhance their existing tools and create new tools through applications and portals. “SISE expedites the product development and the launch of communications applications for agents and intermediaries,” says Ríos. As SISE accelerates the process of policy issuance, agents can provide a better service to customers. “Our Mobile Quote and Issue feature utilizes the product definition and services provided by the Insurance Product Designer,” he adds.
Insurance Product Designer anchors the product operation and plays a pivotal role in business analysis. The rules-based technology underpins the key component of SISE and liberates insurers from the drudgery of cumbersome tasks. SISE is inclusive of salient features like the release of new insurance product versions and streamlining of decision flows across multiple lines of business.
Standing apart from compeers, team SISTRAN, comprising employees with extensive knowledge of insurance technology, collaborates with clients to develop software solutions that add business value. “Today, we have more than more 200 successful implementations, 42 percent market share of total Policy Administration System (PAS) in Life and Health, and 51 percent in Property and Casualty segments in Latin America,” states Ríos. Constantly keeping up with the industry trends, the company is determined to stay nimble and adapt to the latest technological shifts. “Though slow in technological transition, insurers in Latin America will adopt big data and digital strategies in 2017. We have been investing in these technologies to enhance our solutions and are ready for the challenges of tomorrow,” concludes Ríos.