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Policy Administration Systems

Policy Administration Systems

There are many vendors that offer Policy Administration Systems for Life Insurance and Annuities. Carrier policy administration supports many key functions, such as new business processing, quoting, billing, and insurance product actuarial functionality. Many Insurance Policy Administration Systems support claims, commissions and agent licensing. There are several more key features to these robust policy platforms. Many of these functions can be purchased as separate modules, or even separate systems from various vendors and then integrated accordingly. 

Carriers who have been around a long time have invested millions of dollars in heavily customized insurance policy admin systems that are old technology and classified with the taboo word “Legacy Systems”. Newer platforms, on the other hand,  have more agility and component-based architecture so that you get speedy to-market products and prevents you being caught in an entangled web that paints you in a technological corner that would take millions of dollars and years to move forward into a modern platform. The good news is that many of these vendors can also augment pieces of older Policy Admin platforms. Strategically, making an investment in a Policy Administration platform is a big decision and a very large project investment. Please note that for those carriers that are looking to outsource their Policy Administration we are providing information and resources here at InsurTech Express as part of our “Solutions Roadmap”.  – Ken Leibow

Zahara, Zinnia’s flagship policy administration platform, is a modern, cloud-native (often utilizing distributed ledger technology) system of record designed to revolutionize the management of life and annuity products. It provides comprehensive, real-time lifecycle management from product configuration and new business to claims and servicing, all within a highly configurable and automated environment. By offering a single source of truth for policy data, Zahara aims to significantly accelerate product launches, enhance operational efficiencies, improve data transparency, and foster greater customer and channel loyalty, enabling insurers to quickly adapt to market demands and reduce legacy system complexities.

Bestow’s Administration Portal provides powerful servicing tools and TPA solutions, simplifying both pre- and post-issue servicing for administrators and customers alike.

LDS™

new business and underwriting solution

LDS™ is a comprehensive digital new business and underwriting platform with a flexible eApp and full automated underwriting and workflow capabilities. You can automate your entire new business and underwriting process from receipt of app through to policy issue.

Emtech Group Inc is the leading provider of enterprise software quality engineering solutions for validating insurance carrier value chains. Our customers are enabled to deliver quality products while avoiding the expensive and embarrassing consequences from the exposure of production defect leakage.

QMT (Quality Management Tool)

QMT is Emtech Group’s comprehensive testing solution that validates the entire insurance value chain, supports agile development, integrates with CI/CD processes, and ensures security and compliance with standards like SOC 2 and HIPAA.

QMT TrueXML

QMT TrueXML automates XML data validation, ensuring 100% accuracy, detects errors early in the QA cycle, enhances process efficiency, and provides detailed reports to quickly identify data defects, improving overall data quality.

Based upon the extensive Samplemed medical underwriting experience, we believe samplemed360 is the only life and health underwriting platform you need. In addition to including all Samplemed solutions for risk analysis and controlling case flow elegantly and autonomously, the platform reveals deeper underwriting insights, because it was designed with a data-focused philosophy.

So, if you want to organize your flows, optimize cost in underwriting, or unleash your own data, be sure to use s360. The future of underwriting arrived.

Equisoft/manage is a fully integrated SaaS policy administration system for life, group, and annuities, featuring flexible modules that promote self-sufficiency. It offers a robust and comprehensive solution designed to streamline insurance operations and enhance customer experience, with a modular, event-driven architecture that supports the entire insurance lifecycle, from quote to claim.

IPIPELINE

iPipeline PAS+®

PAS+® allows you to take new products to market quickly, while increasing agent and policyholder satisfaction with exceptional self-service capability. This customer-centric solution services your existing customers 60% faster, improves productivity in your admin operations by 40%, and reduces customer service request times from days to mere minutes.

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QLAdmin Life & Health Policy Administration Systems provide a comprehensive, end-to-end solution for managing the full lifecycle of a wide array of insurance products, including traditional and interest-sensitive life, life riders, various annuities (Regular, MYGA, SPIA, MVA), major medical, hospital indemnity, Medicare Supplement, preneed, final expense, and other supplemental health products. Designed for user-friendliness, it offers real-time financial processing, automated daily cycles, and intuitive tools for product configuration, rate updates, document management, and commissions. QLAdmin aims to help small to medium-sized insurance companies, fraternal organizations, and Third-Party Administrators (TPAs) serving the middle-income market in North America and the Caribbean to streamline operations, reduce costs, and enhance efficiency by consolidating disparate functions into a single, reliable platform, including out-of-the-box support for valuation, tax documentation, and reporting.

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Policy Administration Buyers Guide

Why Do You Need the Insurance Policy Administration Buying Guide? Because it contains all the information you wished you knew about how to buy insurance software, the smart way. Learn how to avoid the five software buying traps, what it takes for a cost-effective rollout, how to evaluate vendors, and plan a rollout schedule that works.

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Verisk’s FAST (Flexible Architecture, Simplified Technology) is a modern, cloud-enabled (SaaS) policy administration platform designed to streamline and scale life and annuity insurance operations across their entire lifecycle. It enables insurers to rapidly develop and launch new products through its highly configurable architecture, and it enhances operational efficiency through advanced automation, integration capabilities (including recent pre-built integrations for digital payments), and a focus on accelerating digital transformation. FAST aims to help carriers reduce costs, improve speed to market, and deliver a superior digital experience for policyholders and distribution partners.

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Oracle Insurance Policy Administration (OIPA) for Life and Annuity is a highly flexible, rules-based platform designed to manage the entire lifecycle of individual life, annuity, and even group insurance products. It encompasses all critical functions from new business underwriting and policy issuance to billing, collections, claims, and ongoing policy servicing. OIPA’s key strength lies in its extensive configurability, which allows insurers to define products, rules, and workflows without significant reliance on custom coding, thereby accelerating time-to-market for new offerings. By consolidating disparate legacy systems onto a single, modern platform, OIPA aims to reduce operational costs, enhance customer and channel loyalty through real-time data access, and improve overall business agility and compliance. The system supports various deployment models, including cloud, and offers robust integration capabilities to fit into existing IT ecosystems.

Majesco LifeAdmin Plus is a modern, cloud-based (SaaS) policy administration system for managing the entire lifecycle of individual life, pensions, annuities, and wealth products. It supports multi-channel digital distribution, offering features from quotes and e-applications to policy servicing and claims, all with real-time processing. Designed for flexibility and integration, it helps insurers consolidate systems, accelerate product launches, enhance customer engagement, and improve operational efficiency.

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Accenture’s ALIP Policy Administration system offers a comprehensive solution for life and annuity carriers seeking to modernize their operations. This platform facilitates efficient new product development and launch through a robust library of configurable templates, accelerating time-to-market. It enhances operational efficiency and optimizes IT resource utilization by automating key processes, enabling advanced configuration, and streamlining testing and integration. Furthermore, ALIP improves customer experience by consolidating real-time data for comprehensive visibility and supporting personalized interactions via integrated portals, ultimately contributing to improved financial performance and competitive advantage for insurers. The system is deployable across cloud, SaaS, and PaaS models.

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EIS PolicyCore

Customer-centered policy administration and underwriting to reimagine life insurance. The EIS platform for high-velocity insurance helps life insurers innovate and operate like a tech company: fast, simple, agile. With comprehensive feature sets for life insurers selling individual, group, or voluntary products, PolicyCore gives insurers the unique ability to manage the entire insurance lifecycle across multiple products from a single platform. Available as a stand-alone product that integrates with third-party systems, PolicyCore also forms an integral part of the unified EIS Suite™.

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