Insurance Carriers and MGAs have had to resort to manual activities to perform predictive (“what if”) analysis on their books of business, and back-office IT activities to make changes at the book of business level versus the individual policy level.
Solartis Explore solves both these challenges.
Today, many insurance actuaries and business analysts are still using Excel spreadsheets to perform analyses on their insurance products and books of business. They have been waiting years for the right tool.
Solartis Explore is an analytical tool for modeling and testing future scenarios for targeted insurance business processes such as pricing, demand forecasting, and profitability analyses.
After a one-time set up of a Use Case Model, the Customer imports the Source Data files into Solartis Explore, runs the Source data against the Target System, and generates the target reports for visualization and hypothesis analysis.
Solartis Explore brings book-of-business level system and transaction changes out from behind the scenes to the business user. Solartis Explore is an easy-to-use tool that allows you to perform any transaction type at the book of business (or segment of the book) level.
Solartis Explore automatically monitors a carrier book’s Total Insurance Value (TIV) to ensure it is within the defined capacity. If thresholds are crossed, Solartis Explore will perform automatic shutdowns or refer geographic regions for manual review. The system will also restart when the TIV is within an acceptable aggregate range.
Prevents the binding of new business and policy changes in specified regions during turbulent weather or named storm events.
Provides the capability to move a book of business (or a segment of the book) to a different carrier or program. It also supports moving the book from one system to another.
After a one-time setup of the Bulk Transaction Change Use Case Model, the customer can manage changes and analytics according to the unique needs of the business. The customer can choose to manually activate the bulk system change or to activate Solartis Explore's monitoring and automation capabilities.
Solartis Explore can continuously monitor the policy administration system’s performance and automatically perform the bulk change based on the requirements defined in the Use Case Model.
“Over the past year, three of our customers have been using Solartis Explore to assist in their insurance product level analysis, activities, and processing changes. We are excited to have Solartis Explore in the marketplace so that more insurance carriers and MGAs can take advantage of its capabilities. I encourage you to contact us for a test drive.”
–Nick Richardson, Solartis President and CEO