A policy administration system is a software solution that executes insurance functions including rating, quoting, binding, issuing, endorsements, and renewals. Historically, these systems were inflexible, non-customizable, expensive, and an all-or-nothing type solution. But the insurance industry is changing.
Fully modern core insurance systems for policy administration adopt 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.
Get the ebook introducing microservices for insurance policy administration systems to learn:
Monolithic policy administration systems can inhibit an insurer's ability to issue innovative insurance products and extend to third-party technologies.
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.
Request access to a custom instance of our microservices sandbox. See how our platform can build out the entire policy lifecycle, from quoting and underwriting to billing/payment, certificates, renewal, and more.
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.
Examples of configured products and individual microservices are provided in our Sandbox so you can try them out on your own.