Policy Admnistration

TIS’ Policy Administration software is designed to aggressively and successfully capitalize on opportunities, while being seamlessly supported by technology. TIS’ Policy Administration system is based on a comprehensive table-driven architecture and provides powerful insurance product definition, insurance rating and automated underwriting rules configuration, and complete policy processing capabilities.

The TIS policy management system was designed with the insurance business analyst in mind and provides services that are user-defined.  As a result, the business analyst can implement changes quickly and easily using its insurance rating engine.

The Policy Administration and its Insurance Rating System are a powerful solution that support rapid insurance product definition and introduction, rating and underwriting rules configuration, and complete policy life cycle management as a comprehensive property and casualty (P&C) insurance software.

The Policy Administration Module is a table-driven processor for the design and management of policy transactions for all lines of business. The module and the rating system support the entire process of a policy life cycle, beginning with application entry through quoting, rating, underwriting, form determination, and the issuance and endorsement management of insurance policies.

The module allows risk managers and underwriters to define and automate business rules and procedures controlling the data entry flow, edits and validations, underwriting acceptance rules, rate table definition, and rating algorithms for configuring insurance products and business practices.

·      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