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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

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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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FIMMAS

MDI’s Flexible Insurance Marketing Management Administration System, provides a full-function individual and group insurance administration system.

FIMMAS is a complete, robust, integrated system for the support of a wide range of group and individual insurance products. The same programs, screens, menus, and procedures support, life, health, and annuity products.

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Equisoft / manage

Rapid Transformation Without the Risk

Easy to implement  Insurance policy administration software that’s packed with modern features and ready to go to work.

 

Equisoft/manage is a SaaS  Insurance policy administration solution using low-risk, production ready digital business processes.

With Equisoft/manage

  • Little involvement from your team and no hidden charges.
  • Insurance industry standard product offerings to lower implementation costs
  • Costs scale to number of policies hosted on the platform
  • Allowance for costs to scale down to carriers of all sizes
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FAST Technology

FAST Insurance Components

As an alternative to large packaged vendor systems to solve legacy core challenges, FAST provides the insurance industry’s first complete suite of business processes. Our driven software components are pre-configured and pre-integrated “out-of-the-box”, with full policy lifecycle and straight-through-processing across traditional applications and LOBs for insurance.

 

  • Functional re-usable components (software and configuration) designed to be plug and play and shared across applications as an alternative to traditional monolithic applications
  • Deep product support and processing for all forms of L&A – more than 300 use cases and 3,000 system requirements for UL/IUL/VUL, Term, Whole Life, ISWL, fixed annuities, variable annuities, indexed annuities, deferred/immediate, and flex/single premium products
  • Straight-through-processing for insurance across entire insurance value chain(from new business through claims, including distribution management)
  • Seamless processes that also integrate external sources for all lines of business
  • All transactions can be automated in real-time or are workflow driven from paper, call center, or digital requests
  • Support for P&C specialty lines, usage based, microinsurance, and hybrid products
  • Zero-programming support for all insurance products and transaction processes
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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 and Medicare Supplement Claims Auto-Adjudication

QLAdmin provides end-to-end insurance policy administration for traditional and interest sensitive life, health, annuity and supplemental products. Quickly service all phases of the policy lifecycle with accurate and automated processing using intuitive and easy-to-learn features. Add web portals access or third-party front-end sales tools to further enhance your service offering.

 

For Medicare Supplement claims auto-adjudication, QLAdmin is an out-of-the-box solution that enables carriers to get into the growing Medicare Supplement market without incurring TPA fees or having to attempt a custom-built system. The unique Claims Dashboard provides performance metrics, while the Business Rules Engine provides easy configuration options via user-interface tools. Achieve faster time to market for new products and new states, and see greater efficiency in claims auto-adjudication.

 

Medicare Supplement Claims Auto-Adjudication

o   All Medicare Supplement plans for parts A and B

o   All states, including Wisconsin, Massachusetts, and Minnesota

o   All benefits, including coinsurance, excess amounts, and foreign travel

 

Key system components include:

o   Claims engine dashboard with performance metrics

o   Business rules engine for benefit and procedure mapping

o   Manual claims queue with one-click re-adjudication

o   Rate increase filing and implementation management

o   New business and e-app import via ACORD integration

o   EDI file integration with clearinghouse and EOB/payment vendors

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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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Ebix Policy Administration

OneOffice

Ebix’s OneOffice is a fully compliant policy administration system (PAS) for life insurance and annuity products. OneOffice integrates front- and back-office functions into one platform that encompasses sales, administration, reporting, and management functions. This solution brings together client support, administration, call centers, underwriters, advisors, and customers into one central system. OneOffice also interfaces with critical systems such as accounting systems, data warehouses, and web portals.

 

The Policy Processor (TPP)

Ebix’s The Policy Processor is the industry’s most advanced and comprehensive new-business processing and underwriting system for life insurance. This solution accommodates all life products across all distribution channels, and it integrates with third-party systems and data providers to create seamless workflows. TPP features web-based forms for collecting data from customers and advisors and includes licensing/appointment verification, electronic ordering of requirements, and more.

 

Producer Support System (PSS)

Ebix’s Producer Support System (PSS) brings sophistication and integration to managing the producer lifecycle. This solution allows for the creation of custom producer onboarding workflows, complete with automated capture of products to be sold by a producer, the commissions that the producer will receive for the sales, and the payees who will receive the commission splits. PSS also includes a compensation management module and integration with third-party systems for retrieving license and continuing education information from states.

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Oracle Insurance Policy Administration for Life and Annuity

Consolidate Any Type of Business in One Modern Platform

Simplify your systems with a modern, rules based insurance policy administration system that supports policy issuance, billing, collections, policy processing, and claims covering Individual and Group for Life and Annuity business on a single platform.

 

Rapidly Configure, Manage, and Bring Annuity Products to Market through Highly Flexible, Rules-Driven Policy Administration.

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Majesco LifeAdmin Plus

End-to-end policy administration with real-time processing for new business, claims, alterations, billing and collections. Deliver new products and innovative experiences through modern, flexible, and rules-based insurance solutions.

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Accenture Life and Annuity Software. ALIP Policy Administration

Stay ahead of consumer demands

Operate faster, smarter and easier with a policy administration system that delivers innovative new products at scale while increasing operational efficiency and customer satisfaction—in the cloud, SaaS or through PaaS implementation models.
  • Launch more new products faster with one of the largest libraries of production-ready, configurable product templates.
  • Slash operating costs and maximize IT resources with industry-leading tools that automate, configure, test and integrate.
  • Delight customers with consolidated, real-time data that delivers 360-degree customer visibility and integration with expanding data sources and powerful portals that deliver personalized experiences.

Why continue to let a legacy policy administration system diminish your bottom line or limit your top line? Modernize.

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