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