Empowering Faster, More Efficient Admin System Calculations
As the demand for quicker product launches and updates rises, insurers are seeking innovative solutions to streamline operations while cutting costs. Enabling actuarial and business teams to have more flexibility in ownership of calculation development, insurers can increase speed-to-market, free up IT resources, and reduce reliance on external vendors.
Navigating Complexities: The Hurdles of Admin System Development
Insurers are currently facing several challenges that impede their ability to innovate and respond to market demands.
- The process of coding and testing administrative system calculations is resource-intensive and costly, often requiring significant IT support.
- Maintaining and changing these calculations adds to the strain on IT teams, which are already stretched thin.
- With multiple administrative systems in place, each necessitating specialized skillsets, companies find themselves hindered by limitations that stifle product development.
- The reliance on third-party vendors for coding logic leads to less internal control and missed deadlines, making it difficult to launch and update products efficiently.
Transforming Calculations: Automation for Speed and Control
Introducing Coherent Spark, the game-changing automation solution that can revolutionize administrative system development.
Spark automates the coding of calculations, allowing internal actuaries and business teams to take ownership and test their logic saving thousands of IT hours and reducing costs significantly. Once deployed, changes to calculations become as simple as updating a spreadsheet. This ensures that expertise remains in-house with the experts of those calculations.
With Spark’s APIs, calculations can easily integrate into most administrative systems, enabling a unified skillset to develop calculations across platforms. This externalization of calculations eliminates system-specific limitations, allowing for rapid product implementation in just weeks instead of months, and maintenance in days, not months.
The result? Insurers can focus on automating calculation development while freeing their internal IT teams to concentrate on all the other things required of them.
Revolutionizing Administrative Systems: Cost-Effective Solutions for Growth
With Spark, insurers can transform their administrative system development process, achieving faster product launches and updates while significantly cutting costs. By empowering internal teams to own and manage their logic, businesses can maintain expertise in-house and enhance agility in a competitive marketplace. Embrace the future of administrative system development with Spark and unlock new levels of efficiency and innovation.