Life insurance admin is time-consuming and costly. Let us simplify it – for you and your customers – and give you peace of mind today and for the future.
Our Yooma Life Insurance Policy Administration System offers enhanced digital capabilities so that you can configure and deploy your solution quickly in the cloud.
With this Life Insurance Policy Administration System, you can leverage a robust architecture that enables you to scale your business faster while accelerating new product launches for a tremendous competitive advantage.
If you spend most of your time on tedious manual tasks, making important decisions and serving your customers is a secondary item on your agenda, you need a Life Insurance Policy Administration System. Additionally, this system should be secure and easy to access, so you can quickly and accurately gather the data and documents you – and your customers – need, when you need them.
In today’s ever-changing technological landscape, the ideal Life Insurance Policy Administration System offers flexibility, so you don’t need to worry about falling behind your competitors. You recognise the importance of keeping up in the industry; the right system should support you throughout that process.
The perfect solution is a Life Insurance Policy Administration System that does it all.
Whether you’re a financial consultant, insurance manager, actuary, underwriting manager or intermediary, you will face various challenges when managing life insurance policies. Those challenges could sabotage your business’s longevity without a comprehensive Life Insurance Policy Administration System.
These challenges include the following:
Difficulty managing policy details and set-up, including rules, terms, cover amounts and periods.
This is a potentially deliberating challenge because, without a proper Life Insurance Policy Administration System in place, you may have to rely on manual processes to manage your policy details.This can lead to errors and inconsistencies in policy details, damaging customer relationships and your business’s reputation.
Lack of flexibility when it comes to product mix. This makes it difficult to tailor products for different audience segments.
Without a robust Life Insurance Policy Administration System, you will struggle to offer personalised products that meet the unique needs of your customers. And if they don’t find what they want with you, they’ll choose another provider.
Manual processes for policy fulfilment, renewals and cancellations. These processes are time-consuming and prone to errors, leading to delays and customer dissatisfaction.
The good news is that a Life Insurance Policy Administration System automates these processes, allowing you to streamline your operations and provide a seamless customer experience.
Inability to view or track policy mandates and their details. You may need to modify policies to accommodate changes in the customer’s circumstances, such as altering the policy term, sum assured amount, premium payment mode, or policyholder’s name.
Without a proper Life Insurance Policy Administration System, these changes will cost you precious and quickly lead to disorganisation, especially if you have multiple policies to manage.
Limited options for multi-underwriting per policy. Limited options for multi-underwriting per policy can also be a challenge for insurers, as they may be unable to provide coverage for multiple risks under a single policy.
Once again, limited options for multi-underwriting impact what your business can offer customers and could be another reason why they choose your competitors over you.
Unable to view or track policy mandates and their details. This challenge can impact customer satisfaction rates, your company’s operational efficiency, and ultimately business growth.
With Yooma’s Life Insurance Policy Administration System, you can address and overcome the above challenges and enjoy using an efficient, reliable and user-friendly platform to manage life insurance policies.
Our Life Insurance Policy Administration System simplifies your and your customers’ lives through cutting-edge technology. Our wide range of features gives you the tools you need to accelerate your business’s success without compromising on customer experience or intensifying your own workload.
The features of the Yooma Life Insurance Policy Administration System include the following:
Sound basic policy details and set-up (complete with rules, terms, cover amounts and periods).
High level of product mix, tailor-made for your different audience segments.
Bonus payouts to long-standing clients.
Policy fulfilment servicing.
Automated renewals for convenience.
Ability to handle retention strategies around cancellations and retaining business.
Yooma Life Insurance is highly configurable and tailored to meet your business needs. You can enjoy end-to-end life cycle management of the group and individual life insurance products, while other benefits include the following:
Yooma Life Insurance is highly configurable and tailored to meet your business needs. You can enjoy end-to-end life cycle management of the group and individual life insurance products, while other benefits include: