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The Power of IBM iSeries Software Systems: Transforming P&C Insurance Operations & Workflows

Apr 17, 2024

Summary: There is a popular opinion that the IBM iSeries systems are outdated and not in demand. But is it true? What benefits do they offer for today’s P&C insurance businesses? Let’s explore.

In this digital age, technology has transformed how we live, work, and interact. Innovations continue to reshape the structures and economics of various industries. To stay ahead in this fast-evolving business environment, companies must innovate, create new management approaches, and offer unique services.

Moreover, companies should consider major digital overhauls and strategically think from their customers’ perspectives. Businesses must understand what their customers value most.

The big question for any business is deciding how quickly and to what extent to embrace these changes. Well, IBM recognizes the competitive nature of today’s business landscape and the challenges it brings. That’s why, through its IBM iSeries systems, IBM aims to support clients navigating these challenging transformation periods.

A Panoramic View of IBM iSeries Systems

IBM iSeries systems are one of the most robust systems in the world. Out of all the application servers, the IBM iSeries operating system has an incredible – uptime rate of 99.97%. It has emerged as a powerful tool that not only simplifies the administrative aspects of insurance but also enhances customer engagement and satisfaction.

Key Pillars of IBM iSeries Systems

The IBM iSeries systems are known for their flexibility, which stems from an architecture that offers increased security, seamless integration, and remarkable reliability. These features contribute to a notable advantage in total cost of ownership (TCO). The unique aspects of the IBM iSeries systems’ architecture are founded on several key pillars, which include:



The Power of IBM iSeries Software in P&C Insurance

The potential of IBM iSeries Software  in P&C insurance operations is frequently overlooked. Insurance businesses can transform several areas of their business, including claims processing and policy management, by utilizing the power of IBM iSeries software.

  • Improved Policy Administration

Software from the IBM iSeries provides a range of strong features and tools designed especially for policy administration. These consist of the following functionalities: billing, policy renewal, underwriting support, and policy issuance. Insurance companies can enhance time-to-market for insurance products, minimize clerical errors, and optimize workflows by centralizing key activities on the iSeries platform.

  • Streamlined Claims Processing 

From filing to settlement, the whole claims lifecycle is streamlined by IBM iSeries software. Insurers can accelerate claims handling and guarantee equitable and consistent results by implementing automated workflows for claims approval. This helps insurers save time and money while also improving policyholders’ overall claims experience.

  • Advanced Analytics and Reporting

IBM iSeries Software provides these insurers with enhanced interrogative and reporting capability so that analytics can be run on their policy data, claims data, customer bases, and exposures, to enable them to make better-informed decisions on their strategy.

  • Seamless Integration

With IBM iSeries Software, insurers can easily plug into other systems and third-party applications – allowing them to take in data from external sources, such as financial systems and regulatory databases, and make sure they remain compliant with industry standards.

  • Data Security and Compliance

IBM makes software called iSeries Software, which has a set of robust security controls capable of performing encryption, access controls, and audit trails. Essentially, they help insurance companies avert data privacy breaches and keep their data safe while meeting regulatory requirements.

Top 4 Reasons Why IBM iSeries is still in demand in 2024

Many experts today believe that the IBM iSeries system is obsolete. However, we disagree with this viewpoint. Despite its age, the IBM iSeries systems continue to evolve, incorporating modern technologies and meeting contemporary business requirements.

Companies that use this system have experienced increased storage capacity, reduced security breaches, and decreased downtime. The ongoing trust in iSeries software is based on several reasons:

  • #Reason 1: Its setup and configuration are considered the most secure available.
  • #Reason 2: The platform is reliable due to the extensive range of features and tools it offers.
  • #Reason 3: It supports both open-source and native languages.
  • #Reason 4: It is fully scalable and avoids code migration during updates.

Embracing the Future

This IBM iSeries would enable a larger ecosystem to connect and innovate together. IBM iSeries would also continue to power advanced analytics and predictive modeling for P&C insurance. Using data analytics tools and techniques, better underwriting, pricing, and risk management decisions can be made once more insights into customers’ behavior, risk profile, or market trends are derived.

  • Routine tasks will be automated, freeing up resources for more strategic initiatives and improving overall productivity.
  • Data-driven insights to better understand and anticipate customer needs can significantly improve customer satisfaction and retention rates.
  • With advanced analytics and predictive modeling capabilities, insurers can proactively identify and mitigate risks, reducing losses and improving underwriting profitability.
  • Provides the foundation for continuous innovation, allowing insurers to rapidly deploy new products and services to meet evolving customer demands and market trends.

Conclusion

The benefits far outweigh the challenges and complexities associated with implementing and integrating IBM iSeries software. By leveraging the power of iSeries, insurance companies can adapt to changing market dynamics, enhance their IT operations, and secure a competitive edge in the digital landscape. 

Looking to modernize your IBM iSeries software? Connect with our experts today!

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