How Modern Insurance Policy Administration Systems are Changing the Insurance Industry

May 15, 2018 | by Solartis

Insurance policy administration systems have dramatically evolved in recent years to incorporate more dynamic and flexible solutions. Modern technologies have revolutionized the user experience, as well as provided reduced efforts to onboard and maintain new and innovative insurance product offerings in carrier platforms. These improvements have changed the way insurance is bought and sold. 

 

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Features of Modern Insurance Technology

  • Custom user experience (UI).
  • Faster onboard times.
  • Unprecedented transaction speed and performance.
  • Select just the policy administration services that you need.
  • Integrate the needed microservices with your existing technology platform.
  • Extend product offerings to channel partner platforms.

Cloud-Based Policy Administration Systems

Insurance policy administration systems are rapidly migrating to cloud-based environments. Cloud computing has several benefits, especially when it comes to insurance policy administration

  • More flexibility: Efficient implementation of new applications.
  • Save money and time: Reduced IT and operational costs.
  • Elastic and scalable: Developer-friendly.
  • Improved redundancy and disaster recovery services.

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Insurance Microservices

As cloud computing continues to grow, the shift to microservices is becoming more pronounced. How do insurance microservices actually contribute to a modern policy administration system?

Insurers will gain several benefits through the use of microservices. Cost and time savings are paramount to efficiency, and microservices will enable insurers to adapt, update, and focus on individual components and capabilities versus having to update their entire system.

Microservices architecture is a development strategy that utilizes a series of independently deployable, modular applications that constitute a full-scale enterprise application. Microservices bring agility, scalability, and reliability to insurance policy administration systems.

Microservices components can be used to implement different APIs that typically have one job, or a small set of jobs, that function as individual building blocks. In addition, microservices require less maintenance, focusing on individual components, as opposed to the all-inclusive approach of monolithic applications. Developers will be able to focus their efforts on delivering targeted applications that solve business problems, rather than working within an outdated architecture.

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Microservices offer a range of policy administration functionality including:

  • Submission and Quote Life Cycle APIs
  • Policy Life Cycle APIs
  • Document Generation APIs
  • Billing Life Cycle APIs
  • Discrete Services APIs

Another area of inefficiency in insurance policy administration is with ISO circular updates and analysis. With the use of microservices architecture and innovative vendors, carriers have eliminated this problem. Carriers can immediately adopt new changes using ISO updates, which are available within 24 hours of the newest ISO ERC version releases.

According to Verisk, automating the circular process using ISO ERC results in approximately a 58% decrease in work time for IT modifications and a 35% decrease in overall cost, giving carriers the freedom to add value in more meaningful ways to help the organization grow.

Third-Party Integrations

One of the greatest advantages of a cloud-based microservices architecture for an insurance policy administration system is the seamless integration and use of common third-party content and service providers.

For examples of third-party content and services that work effectively in policy administration, reference Solartis Insure’s Third Party Service Integrations Catalog.

Popular integrations include:

  • ISO ERC
  • RiskMeter
  • Google Maps
  • Zillow
  • Chase PaymentTech

Policy Administration Systems

A cloud-based insurance policy administration system coupled with microservices architecture mitigates the need for a complete system overhaul. Carriers can continue to leverage their existing policy administration system by just replacing costly and time-consuming components like rating and document production. They can also extend these same components (APIs) to their channel partner platforms.

The implementation of Solartis Insure will provide your organization with the flexibility, scalability, and reliability needed to run an effective policy administration system that meets customers’ needs, reduces costs, and increases revenue and profits.

Request a demo of Solartis Insure to see effective insurance policy administration software in action. Learn more about why microservices are the right choice for you. 

 

 

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