Policy Administration

The Policy Administration module automates all transactional processes necessary to write and maintain P&C policies for all LOBs. These transactions include: Rating and Issuance for Quick Quoting, Applications, New Business, Midterm Changes, Cancellations & Reinstatements, and Renewals. The Policy Administration module also does automatic Form and output determination and generation for all of these transactions. 

·      Basic Functions: policy retrieval/update, retrieval of data from tables and from external systems, linkage (to selected index or foreign currency), and multiple level validity checks (field, screen, document, etc.).

 

·      Non-Standard Documents: storno (cancellation of the last valid and confirmed document), modification of insurance period, modification of co-insurance/reinsurance, commissions to agents, discount of insured persons (at Line level), and freeze/unfreeze of coverage.

 

·      Additional Operations: generate setup policy/endorsement, replace an agent, calculate retroactive commissions, issue proposal type document of policy/endorsement, and automatic premium calculations. 

 

 Key Benefits

·      Multiple LOBs

·      Flexible data capture screens and edits

·      Quote & Policy Rate & Issue, Endorsements, Cancellation & Reinstatement, Renewals

·      Real-time Premium calculation and underwriting

·      Automatic output and documents generation