PCMI: Automating Administration and Expanding Sales

Mark Nagelvoort, President & CEO, PCMIMark Nagelvoort, President & CEO
PCMI Corporation, the market leader for software administration systems, developed their platform to enable administrators to quickly launch new products and automate administration. Their modular system, Policy Claim and Reporting Solutions™ (PCRS), lowers administration costs by supporting and automating the full lifecycle of all aftermarket products.

The PCRS system is designed to allow users to quickly configure and introduce products competitively to the market. Experienced PCRS users can launch a new product, sell it, and issue a policy all within days, which takes months using other methods. This streamlining innovation empowers their customer’s salesforce and aids their business growth. These achievements are made with the support of PCMI’s team of industry experts who work closely with customers to understand their products and business needs. “We have spent years building a highly qualified team which gives our clients the confidence that we are committed to being their technology partner so we can let them focus on growing their business,” explained President and CEO, Mark Nagelvoort.

PCMI’s flexible platform allows customers to utilize each module individually or as a complete solution and can even be implemented in phases. The main modules specifically support sales, policy and claim administration, risk management, and reinsurance. The Open Sales Platform module enables users to price their product correctly, issue policies with electronic signature, and present products to consumers. With the PCRS system being integrated to multiple sales channels, this gives customers the opportunity to sell through their own point of sales channels, as well as, their partners. Once the contract is sold, the Policy Administration module supports billing, commissions, cancellations, and different statuses of the policy throughout its lifetime.

We have spent years building a highly qualified team which gives our clients the confidence that we are committed to being their technology partner

Next, the Claims Administration module is fully automated to track all conversations with customers and payment functions to understand whether benefits should be approved or denied. Using data from the Policy and Claims modules, the Risk Management module estimates premium earnings across products with revenue recognition. It can then be used to help design new products due to the greater understanding of cost points seen throughout the process. Finally, PCRS’s unique Reinsurance module adds further value to its users by enabling them to manage the reinsurance portfolio.

All of the modules offered through the PCRS system are delivered in a software as a service (SaaS) approach, eliminating the large upfront fees and offering speed on conversion with quick adoption. Ten years ago customers would have to purchase servers and annual software license, train IT staff on how to deploy the software, and apply upgrades to maintain the system all on their own. Now, ten days after signing an agreement with PCMI the PCRS system can be setup and made available so customers can start their configuration. Updates for security, new functionality, and disaster recovery are handled by PCMI, thus ensuring compliance at all times. With the benefits of SaaS, PCMI has successfully converted both major corporations and small companies to production in months versus years.

PCMI’s presence in the U.S., Europe, and Asia is essential to their continuous around-the-clock innovation and customer support. In addition to assisting clients in their speed to market, the PCMI team is also looking forward to helping them explore new markets both domestically and globally. Nagelvoort concludes, “I start each day ensuring that we are delivering on the promise that we are providing the best administration system to each of our customers. Our devotion to the industry is evident through the investment we have made in our people, product, and processes.”