Commercial insurance carriers and MGAs need policy administration systems that support their complex lines of business. Some systems are better at this than others. Choosing the right one can be the difference between better operational efficiency and sluggish processes that hamper business agility.
Many of the newer policy administration solutions do very well in supporting simplistic lines of business but struggle with the technical requirements and deep insurance knowledge required to support large, complex programs.
If you’re providing coverage for commercial lines of business—like Commercial Auto, Commercial Property, General Liability, Excess Liability, Professional Liability, etc.— you must choose a solution and a vendor that can fully support and understand complex requirements and your carrier-specific intricacies.
Here are three reasons Solartis Insure is the right choice for your commercial insurance policy processing needs.
1. Solartis Insure Enables Proactive Risk and Complexity Management
Handling Complexity
Commercial lines policy processing can be significantly more complicated than others. Commercial insurance programs require experience and composite ratings, which are very complex and carrier-specific.
Because of this, many carriers and MGAs choose to handle these activities outside of their policy administration system. At Solartis, we incorporate them into our policy administration process, which streamlines processing and improves the efficiency of our customers’ underwriters and system users.
Predicting and underwriting risks requires a balance of data insight and efficient processes. Without the right system in place, it’s difficult for insurance carriers to have either. For example, commercial lines often need sophisticated integrations with proprietary carrier components and third-party services that must be incorporated into the rating and/or underwriting workflow.
Each carrier and MGA has different needs. They need a technical platform and tools to configure their unique requirements and provide the flexibility to manage these products as they change over time.
Managing Risk
Commercial lines also have a significantly higher and more diverse risk profile than personal lines. The larger number of assets, exposures, and coverage requirements often necessitates a package policy, adding an additional layer of configuration and complexity to each monoline or LOB.
By handling these policies with an agile and customizable platform like Solartis Insure, agencies and insurers can guard against the risk presented by manual or ad hoc processing.
Staying Compliant
Commercial entities must comply with state and federal regulations, which means they must invest more resources into compliance oversight.
Many policy administration systems struggle with compliance reporting because most processes are built on custom code, and workarounds are needed to connect disparate data sources. Modern policy admin platforms (like Solartis Insure) employ microservice architecture and insurance APIs to make compliance manageable, even for complex lines.
To produce all the reports and extracts needed to support all external and internal reporting requirements, the Solartis Platform includes our Reporter component, which enables custom dashboards, template reports, and ad-hoc reporting.
Solartis also provides a real-time reporting database and schema so customers can utilize their existing reporting tools, such as Microsoft Power BI, Cognos, and Crystal, along with their data lake.
2. Solartis Insure Brings All Your Policy Types Into One Platform
Solartis has decades of experience supporting complex commercial insurance products. With Solartis Insure, you can bring all your policies—admitted and non-admitted, personal and commercial—onto one unified, low-code platform.
Everything can be configured, maintained, and updated in one place, from straightforward commercial property programs to more specialized coverages like commercial trucking or cargo. By consolidating your policy types on a single platform, you eliminate the complexity of managing multiple systems and vendors, streamlining operations and improving efficiency across your teams.
How does Solartis Insure help P&C Insurance Carriers Implement Complex Commercial Product Lines Faster?
Unlike legacy systems or outdated industry solutions, Solartis can quickly implement complex product lines. Our platform includes base commercial line products for ISO, AAIS and non-ISO-based Product Lines.
Their requirement-gathering methodology ensures that all requirements are documented thoroughly and received in a timely manner so that your team can fully understand them and set expectations with clients and carriers.
Our Low Code Configuration Toolkit (Solartis Builder):
- Enables rapid initial configuration of your carrier-specific requirements on top of our base platform products. Your unique products can also be quickly configured from scratch.
- Solartis Builder also allows your team (business analysts or tech) to maintain your products as they change over time.
- With Solartis Builder, each team can work on different components concurrently without waiting for others to complete their tasks. This speeds up development cycles and supports continuous delivery and integration.
Solartis Insure is built from the ground up on a microservices architecture and designed to support complex insurance processes. It offers several key benefits:
- Seamless integration with customer-specific services, APIs, and third-party components
- Full version control across all components and subcomponents to ensure the correct content is used for each policy and transaction
- A flexible UI layer—customers can use Solartis’ out-of-the-box templates or design their own user interface in-house or with a third-party UX/UI team
- High agility and adaptability, enabling faster speed to market and reduced implementation and maintenance costs
3. Solartis Insure Has a Proven History of Success
While experience and capabilities are necessary, results are the most critical factor when considering a new policy administration platform for commercial lines. Solartis Insure’s proven history makes it a low-risk, high-impact investment.
How One Solartis Customer Streamlined Commercial Auto and Increased Productivity by 30-40%
This leading commercial lines insurer needed to consolidate its complex commercial auto rating operations into a single, flexible, and cost-effective platform. By transitioning to Solartis Insure, they eliminated manual and external processes and centralized their workflows.
With built-in, up-to-date ISO Commercial Auto content and a low-code environment for configuring carrier-specific exceptions and deviations, the insurer now delivers faster, more accurate quotes and reports a 30–40% improvement in productivity across its rating operations.
Customer Needs |
Solartis Insure Results |
|
The ISO Countrywide and State-specific Commercial Auto Content for all states |
30-40% productivity gains |
|
A technology platform that could incorporate their complex proprietary composite and experience rating |
Consolidated all of their processes into one platform |
|
A vendor that could support their Commercial Large-Fleet Trucking policy processing |
Improved business flow for business users by including the ability to import and validate large vehicle schedules and schedule changes |
With the success of Commercial Auto, our customer is now adding additional product lines to their Solartis platform, empowered by its versatile product framework and flexibility.
Experience the Benefits For Yourself
If you offer complex commercial lines and want to improve your operational efficiency, modernize your IT infrastructure, or improve your customer experience, we have the solution. Get in touch, and let’s explore how the Solartis platform can accelerate your commercial lines digital transformation.
