Insurance Policy Administration Systems Software

What are policy administration systems?

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.

Modern cloud-hosted policy administration systems.

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.