The Admin System Lifecycle: Insights from Industry Experts

1 How to know when it’s time to replace your admin system

The last decade has experienced an acceleration of technology that is unprecedented in modern times. This rapid advancement has put all companies at risk that have not yet made a digital transformation.

But switching systems is a major choice and there’s no magic formula in finding the right one for you. So, evaluating third-party vendors is so important because it allows your team to have options.

Below are capabilities your system should be able to offer – if it doesn’t, it might be time to make a switch:

• Allow multiple product choices
• Access multiple Providers and Insurers
• Integrate with eMenus and DMSs
• Do business with any new or used dealers
• Host rates and forms
• Support global markets
• Enable incentive programs/reinsurance
• Automate claims
• Support remittance options

If you’re experiencing obstacles now, they will continue to grow. The ultimate goal is transforming your business to be able to compete in today’s evolving market.

2 Competing in Today’s Assurance Products Marketplace

The assurance products marketplace isn’t what it used to be. As the industry and its customers change, what an admin system requires to be successful changes as well.

A decade ago:

• Focus on VSC
• Minimal GAP and ancillary products
• Less competitive for OEMs
• Minimal dealer reinsurance programs

Today:

• Full product offering
• Pricing flexibility
• Extremely competitive
• Nearly equal dealer reinsurance programs
• Retailers demand information

Due to a stark increase in competition, if you don’t have a full product offering or flexible pricing, you’re not in a good place.

A decent vendor will not only anticipate new market trends, but also implement upgrades as needed to ensure innovation and automation stay top of mind.

3 The Non-Negotiables of a Good Admin System

There are certain functionalities of an admin system that a provider must offer in order for it to fully automate and optimize the administration lifecycle. Below are the absolute must-haves to look out for.

Single Sign On

Essential for OEMs within their admin software to work dynamically with all other systems so users don’t have to re-enter usernames or passwords for each application.

Modular System

Modular systems allow business to grow and scale. Essential modules include:

• Open sales platform
• F&I reporting
• Claims administration
• Policy admin
• Risk management
• Performance reporting
• Reinsurance
• Notification center

Security, redundancy, and disaster recovery

No business wants an admin system that is unreliable. When looking for the right technology for your team, look for software that has security and disaster recovery measures in line to ensure your system never crashes or loses significant data.

Configurable by the business unit

Invest in technology that is customizable. Your software should allow you to launch new products easily and quickly without needing to contact your vendor.

Customer experience

Last, but not least, you will want software that prioritizes the customer experience. Admin systems that are intuitive and comprehensive to a variety of strategic markets will cater to your business’s specific needs.

4 Tips for making a smooth business transformation

There are certain measures you should take when deciding on an admin system, regardless of what type of technology your team is currently using. Take a look below at the criteria necessary for starting your search for the right software.

Pain points

Identify what areas of business you feel could be improved before starting your research to direct a more specific search.

YoY (year-over-year) same store sales

Are you growing your business? Is it declining? Look into the data of your business as a whole to determine how and why you need to upgrade your technology.

Strategic GAP analysis

Products, F&I technology, training, and field staff. Take a look internally at these four areas and compare it to your competitors to assess where you stand within the market.

RFI (request for information)

Lay out which modules you need to automate your tasks and streamline processes. This will help you weed out vendors that won’t benefit your business.

RFP (request for proposal)

Start with a table of contents – what does your team need? Put together an RFP to organize and deliver your business overview, goals, project timeline, etc.

Project plan

Some vendors actually provide a project plan, but if they don’t, you’ll want to create one for yourself or hire a consultant. Deciding on which modules you need will help streamline this process.

Why Your Team Needs PCRS

Administration software, PCRS, let’s you work with other admins to provide all products, so you have a complete solution for your dealers.

You can be the claims administrator on certain products or let others be the claims administrator on specialty products that you don’t want to staff for, but you do 100% of the billing for.

Not to mention, PCRS provides complete control with dealers as well as real-time instant connections between you and administrators.

This hub allows dealers to offer best-of-breed products to instantly diversify and expand your sales channel.

One Consolidated System

For dealers utilizing PCRS, it’s important that everything they need is in one place so that they can streamline their processes. This includes billing, contract status, cancellation reinsurance statements, loss ratios and performance metrics.

Below are the advantages of choosing PCRS as your admin system:

• Provides a single bill to dealers
• Provides a single commission to agents
• Manages relationship with other admins
• Simplifies compliance obligations
• Receive 100% view of all contracts
• Provides the option to do combined reinsurance cession statements