Policy Administration

Today, insurance companies must manage more information than ever before. However, many still utilize separate point solutions for policy administration, underwriting, claims management, and billing. Some even leverage different systems to manage their various lines of business. These redundant and disparate systems create a disjointed infrastructure and separate silos of information that result in inefficiency, manual work processes, and an inability to adapt in a highly competitive insurance environment.

Due to these challenges, insurers are now demanding an integrated enterprise platform that enables a high level of data consolidation and automation across their organizations. The iVOS insurance solution brings together three core business modules – policy administration, claims management, and billing – onto one enterprise platform to support insurers’ complete business needs.

With a single, seamless infrastructure, insurers can more accurately price premiums, optimize policy and underwriting efficiencies, accelerate product development, and transform sales and distribution, making it easier for customers and producers to conduct business with
carriers.

The iVOS Policy and Underwriting module offers a wide array of capabilities to assist insurance companies in processing and administering policies, as well as underwriting and rating coverage:

• A highly flexible rating engine allows organizations to “plug in” their unique rating algorithm or premium calculations to automate underwriting and pricing.
• Comprehensive policy transactions, including new submissions, renewals, amendments, rewrites, cancellations, reinstatements, and out-of-sequence endorsements, as well as complete auditing capabilities.

 

iVOS automates policy workflow, improves underwriting decision-making, and enhances the rate of straight-through policy processing.

iVOS consolidates data sources and shares accurate, real-time claims information with underwriters, essentially the “lifeblood” of accurate underwriting decisions. This enables accurate pricing to cover a client’s loss experience, which ultimately reduces underwriting risks and improves the bottom line.