Policy administration systems are designed to manage policy activity on the individual policy level, not at the book of business level. 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.
Predictive (“what if”) Analysis
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.
The Solartis Explore platform is 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. Solartis Explore supports a wide variety of analysis use cases, including:
Analyze the impact on in-force accounts due to changes in eligibility rules, rate factors, coverages, and coverage options.
Identify off-balancing factors to minimize the impact of other changes on the book.
Evaluate new opportunities including new products/markets for the existing book.
Estimate the impact of future volatility and variability (randomness) on pricing adequacy (Stochastic Modeling).
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.