Solartis Insurance Microservices

Insurance Policy Administration System

Launch products faster and streamline operations with modern policy administration solutions.

In a rapidly-evolving business environment with a heightened focus on customer experience, efficient policy administration is essential to improve competitive advantage and customer experience. Insurance policy administration software plays a vital role in streamlining policy management processes, enabling insurers to effectively handle the entire policy lifecycle, from issuance to renewal. 

What is insurance policy administration system(PAS)?

Insurance policy administration system refers to specialized computer systems designed to manage and automate various aspects of policy administration. These systems provide insurers with a centralized platform to handle policy creation, underwriting, rating, quoting, binding, policy issuance, endorsements, renewals, and much more. They serve as the backbone of insurance operations, enabling insurers to efficiently handle large volumes of policies and ensure accuracy, compliance, and seamless customer experiences.

Historically, policy administration systems were inflexible and non-customizable - an all-or-nothing type solution. But the insurance industry is changing, and these solutions are no longer as effective as they once were. In today’s environment, businesses need a flexible, adaptive, customizable system for policy administration.

Download our eBook on the insurance paradigm shift and learn how to future-proof your insurance administration system.

Challenges to policy administration

Policy administration presents a number of challenges to insurers. One of the primary concerns is managing the sheer volume of data, including customer profiles, policy details, and claim history. Processing this data manually is inefficient, with a high error rate and, consuming a large amount of resources. 

Compliance with ever-changing regulations can also pose a challenge, necessitating constant updates to policy details and processes. Monolithic legacy systems are difficult to adapt to changes in regulatory compliance.

The lack of transparency and data analytics capabilities prevent a business from gaining valuable insights into business performance and customer behaviors. Legacy systems were generally not created with analytics in mind, and can be difficult (and expensive) to integrate with new technology. On a related note, monolithic legacy systems are difficult to defend against increasingly malicious and sophisticated cyberattacks, which are becoming a greater concern for businesses throughout the insurance industry.

Benefits of policy administration system

Modern policy administration software offers numerous benefits to insurance companies, particularly in addressing the challenges of policy management. These include:

  • Efficient Data Management: Policy administration software solutions provide a centralized platform for handling and analyzing vast volumes of data, enhancing accuracy and reducing potential errors. Automated data processing also speeds up decision-making and enhances operational efficiency.
  • Regulatory Compliance: Regulatory compliance is evolving, and the requirements placed on insurance companies are changing as well. Policy administration solutions are designed to adapt quickly to regulatory changes, ensuring policies remain compliant. This flexibility significantly reduces the risk of non-compliance penalties.
  • Improved Customer Service: Better, faster communication with customers helps businesses improve CX, as does the ability of improving speed-to-market for new products and services. Additionally, the ability to use advanced data analytics to gather insights into customer activities means that businesses can identify opportunities for improvement to better meet customer needs.
  • Enhanced Security: With robust security protocols and data encryption, modern policy administration software can help insurers protect sensitive data, reducing the risk of cyber threats.
  • Product Innovation: These systems can also support the development and quick launch of new insurance products, allowing insurers to adapt rapidly to changing market needs and maintain a competitive edge.

Download our eBook on How To Launch Insurance Products Faster With Microservices. Learn how you can deploy innovative insurance products with maximum speed.

Modern cloud-hosted policy administration systems

Fully modern core insurance systems for policy administration adopt a microservices architecture and are hosted in the cloud.

Microservices designate a specific API or application for each insurance function listed above - rating, quoting, etc. This approach to software architecture allows for increased agility and decreased time-to-market for launching insurance products.

Being hosted in the cloud, these policy administration systems are endlessly scalable and reduce development efforts for implementation and maintenance.

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Monolithic vs. Microservices Policy Administration Systems

Monolithic policy administration systems inhibit an insurer's ability to issue innovative insurance products and extend services with third-party technologies. Monolithic policy administration systems are tightly coupled, so any change could affect the entire system. An uncoupled microservices architecture breaks down big processes into individual microservices, so that changes can be made to one area without affecting the entire structure. This improves flexibility and allows businesses to introduce updated, innovative solutions far more rapidly, enhancing the business’ competitive advantage and improving the overall customer experience.

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Boost profits with insurance policy administration systems

Launch insurance products quickly, reduce development timelines, minimize overhead, and build a customized solution to meet your insurance goals working within your budget.

Solartis provides insurance administration solutions that crack the code on electronic consumption of ISO ERC data and more.


Agile core insurance systems built with the future in mind

With Solartis, you are not locked into our screens and business flow. Our microservices are completely decoupled from the user interface, giving you or Solartis the freedom to create your own branded UI, look and feel, and business flow. Solartis insurance microservices can be used on any device; a computer, smartphone, iPad, chatbot, or app.

Download the Microservices Catalog

Solartis electronically consumes the ISO Electronic Rating Content into our microservices platform

Support your ISO-based commercial lines rating and policy administration in a modern API-centric platform.

Solartis supports all Commercial and Personal P&C Lines of Business. For all products, Solartis Insure enables product versioning, product cloning, and the reusability of component coverage configurations so you can launch new P&C products in record time.

Learn more about Electronic Consumption of ISO ERC


Our Customers

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Still not sure how Solartis microservices can help?

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