Different Software Choices for Effective Insurance Policy Management

Insurance policy administration software supports insurers in handling life, health and other type of insurance plans. Insurance policy administration solutions enable insurers to establish and execute new life, annuity, pension, as well as medical insurance products for customers. Making use of such platforms, agencies can plan new insurance policies, estimate policy expenses, and keep track of policies issued to customers. Certain software provides libraries of in-built insurance product offerings that trim down time to market. Insurance policy management software is typically utilized by enterprise insurance firms to handle current insurance plans and establish new insurance products. These kinds of programs are able to strengthen policy versatility and management. Insurance policy administration programs can be used either as an independent product or perhaps as part of an incorporated insurance suite.

The insurance policy management software provided by the following leading companies are meant to facilitate the primary procedures of policy administration and assist insurance brokers as well as underwriters in making best use of their precious time.

These kinds of software tools usually take care of certain conventional features like document handling and policy transactions such as policy issuing, cancelling, reinstating and renewing, endorsing etc.

The Stingray System: It’s a modular, web-based property and casualty policy administration software for insurance policy quoting, issuance, rating, along with billing, claims and reinsurance management. It consists of full customer and broker portals in addition to an imaging platform.

PolicyHandler by JW Software: It is online workers’ compensation policy management software intended to cater to every phase of the policy lifecycle: application handling, issuance, insurance commissions management, billing, audits, cancellations as well as reinstatement.

Accenture Life and Annuity Software: This software enables use of integrated policy, product, as well as customer details, therefore enhancing the insurer’s functional efficiency and customer support scores.

LifePRO: It is software powered by EXL that helps in facilitating life, annuity and medical products. It is intended to consolidate policy administration with attributes like multi-company assistance, billing and collections; claims administration; tax reporting; a pivotal product rules engine.

Solartis, Inc.: This insurance software features an extensive set of transactional online services combined with ISO’s prices, guidelines and forms or even your carrier particular rating information. Its web services cover the complete sales and insurance policy life-cycle tasks from preliminary quotes creation to endorsement.

Adaptik Corporation: This software is employed by insurance brokers, underwriters and customers for quote creation, policy issuance and administration, together with integration with multiple third-party programs.

ISCS: ISCS is an online, end-to-end, and a complete modular system that allows users in automatically evaluating, quoting issuing, and administering every leading ISO line, along with business, individual, and specialty lines.

Purchasing an innovative insurance policy management software could certainly tackle a lot of insurance business challenges for brokers without going over budget and present a multitude of capabilities in all-round processes that simplifies underwriting, policy administration, loss control and a lot more.

Upgrading systems time-to-time is also essential for further success and progress; however a firm ought to make a well-researched, educated decision on any kind of purchase. The appropriate programs are going to play a crucial part in enhancing and maintaining growth across the industry.

Should you find it hard to choose appropriate software to help with policy administration tasks, get in touch with Cogneesol at +1 646-688-2821 and we will help you arrive at a decision with ease.

Advertisements
insurance policy management system

Right Policy Management System to Transform the Insurance Business

Insurance policy administration is among the most important functions in an insurance organization. The right insurance policy administration services can help in bringing positive changes to your insurance business. An astute policy management system can offer the capacity to change the business completely by offering the dynamic content required for changing customer preferences. It also helps in developing new products as per the changing market requirements. By hiring the services of an expert staff innovation and quick turnaround time can be added to the process and the operating costs can be reduced considerably.

An efficient policy management system helps in enhancing adaptability, accuracy, and value. Richly prepared content helps in the creation of new commercial opportunities. In order to achieve these goals, integrated and updated platforms are needed.

Most of the well-established insurance companies have a strong policy management system which handles all the factors like the policy, billing, and claims. In the recent time’s various options like on-premise, hosted or cloud have emerged which have delivered the following advantages:

  • Greater customer experience which leads to more sales
  • Making the business operations static
  • Achieving the required regulatory compliance, thus avoiding penalties
  • Enhance the overall operational productivity
  • Proficient Underwriting
  • Makes the Insurance Products better
  • Configuration Flexibility is enhanced

Major points which can help in the policy management process:

Product Configuration- By using this function systematically, the products meant for different regions can be customized as per the market requirement.

Rating Engine- This function helps in creating rates and integrating with rating content.

Underwriting Workbench- Underwriters should be allowed to make decisions and analyze the business situations on their own by performing tasks like work routing, accumulation of evidence, evaluation etc.

Configuration Tools- Insurance Content Manager and designer can help in making the policy administration process more autonomous. This also enables better user experience.

Using cloud technology for policy administration- By using the cloud option, an advantage could be gained over the competitors.

Regulatory Compliance- Not adhering to the state policies could to penalties from the concerned state department, which can be avoided through regulatory compliance.

Cogneesol has more than 8 years of global experience in delivering outsourced services to insurance companies from around the globe. With access to proficient staff and the latest technology, it has enjoyed a 99% success rate in its projects. The services are available at affordable costs.
Call Us:
USA: +1 646 688 2821
UK: +44 203 371 7486
Canada: +1 905 487 8562
Australia: +61 286 078 983
Italy: +39 327 285 4546
Email: info@cogneesol.com