Best Insurance Policy Administration Systems include:
Ebix, headquartered in Johns Creek, offers EbixEnterprise, an insurance suite supplying integratable modules supplying CRM (powered by Ebix's SmartOffice solution), insurance exchange, policy administration, and other features. EbixEnterprise can be configured to meet the needs of…
Quotall's cloud-based, full-cycle, comparative e-trading software platform enables insurance distributors to e-trade through multiple channels anywhere in the world. The 'Out of the box' system delivers online quote, buy and self-service capabilities with a fully-functional insurance…
Insurance broker management software designed by insurance brokers, built by software engineers. PolicyFlow is a configurable, ready-made, web-based solution utilising cloud technology.
SSP is a global supplier of technology systems and software for the insurance industry, that, with software, helps brokers, insurers and MGAs operate more efficient businesses. The software suite's functionalities are tailored to meet the specific needs of either brokers, insurers,…
ClpHub is a global provider of cloud-based insurance solution designed for all size insurance companies. They provide policy, claims, accounts, invoices, tasks management systems. Their SaaS platform delivers flexibility for managing business processes and simplifies the communication…
LeaseTerm Solutions is a risk management company that focuses on core risk management solutions for the multi-family industry, and a RealPage company. Their products are designed to create solid risk management strategies for apartment communities by proactively managing lease breaks,…
Evitec Life Savings offers a policy administration solution for Life insurers with savings and pensions products. Presented as an automated and future proof insurance platform, it handles policy sales, lifecycle management and claims processing in a secure and proven manner.
Novidea’s platform provides real-time business intelligence and workflow management for brokers, agents, MGAs, bancassurance and corporate risk management. Designed specifically for insurance distribution, the Novidea cloud-based platform provides a single view for managing the entire…
Equisoft/manage (formerly Equisoft Composite) is a SaaS policy administration solution using low-risk, production‑ready digital business processes.
Software solution for policy administration from JW Software headquartered in St. Louis, designed to support all phases of the policy lifecycle. PolicyHandler Enterprise's™ capabilities include data-driven rating tools, quoting, automated renewal processes, billing, and optional…
Evitec Property & Casualty is a policy management solution for running the whole P&C product offering. With policy sales and lifecycle management as the core and a comprehensive set of integrations to dependent services, both personal and commercial lines are efficiently managed…
DRC offers software solutions to the Property & Casualty (P&C) insurance industry for large carriers, small start-ups and MGAs alike in the United States and globally deploy DRC’s SaaS and onsite solutions to manage total written premium in excess of $7 billion. DRC’s cloud-based…
ALIP Policy Administration provides insurance agencies with prebuilt templates for products and rules, webpage creation tools, and analytics and predictive modeling. This software aims to help agencies work faster and more efficiently by automating many policy administration processes.…
Andesa Policy Administration is a cloud-based policy administration system for life insurance and annuity. The software aims to offer a flexible, automated solution with reporting and validation capabilities.
QLAdmin Policy Administration is designed to provide processing and support throughout the entire policy lifecycle of policy types ranging from traditional life insurance to major medical insurance. The software also includes document and correspondence management, accounting, and…
PolicyCore aims to help insurance agencies manage the end-to-end lifecycle of multiple products on the same platform. This software supports insurance policy types including benefits, life, health, dental, and P&C.
UK company Eurobase International offers synergy, an insurance agency lifecycle management system with a set of business management and insurance specific features (e.g. claims, underwriting, etc.).
End-to-End Captive Insurance Platform Synergy2 is a digital, end-to-end platform that supports the unique challenges of captives with the depth of capability from the company's experience in reinsurance, specialty lines, and the London Market. The system is presented as a release-…
FireLight is a multi-carrier sales platform from Insurance Technologies, that delivers a suite of interconnected sales components that transforms the way insurance, retirement and investment products are marketed, sold and supported. It provides a configurable solution to implement…
What are Insurance Policy Administration Systems?
Insurance policy administration systems are software designed to help insurance agencies manage policies through their entire lifecycle. Insurance agencies use them to simplify and automate the policy maintenance process. This simplification continues from initial quote to final termination.
This policy administration includes front-end aspects, like corresponding with policyholders, providing web applications and forms for them to use, and handling transactions. On the back end, insurance policy administration systems assist with billing, accounting, quotes, policy changes, renewals, and terminations. Insurance policy administration systems also help automate adding or changing products and rules. They allow users to store and reuse rules and product templates.
These products provide users with assistance in advanced actuarial calculation and underwriting. They also offer real-time access to policy data, typically updated overnight. Along with policy data, users can view analytics and predictive modeling. This predictive modeling can help with rate adjustments as needed. Insurance administration systems sometimes offer claims management and processing capabilities as well.
Insurance Policy Administration Systems vs. Insurance Suites Software
Insurance policy administration is often included as one of many functions in . If you want a more comprehensive solution that manages all aspects of your insurance agency, you might want to consider a full software suite instead. If you only need or want policy administration functions, you will likely save money and get a less complicated and more specialized tool by going with an insurance policy administration system.
If you just need policy administration for now but think you might want to scale up in the future, some insurance policy administration systems that are part of full suites are sold individually. Choosing one of these options will allow you to expand without having to switch to a different system.
Insurance Policy Administration Systems Features
You can expect Insurance Policy Administration Systems to have many of the following features:
- Policy service and maintenance
- Actuarial calculation engine
- Claims and payout processing
- Billing and accounting
- Tax and regulatory information
- Quotes and inquiries assistance
- Underwriting assistance and automation
- Document and correspondence management
- Reusable rules and templates for new products
- Analytics and predictive modeling
- Personalized customer communications
- Real-time data access
- Prebuilt customer-facing web applications
Insurance Policy Administration Systems Comparison
Before deciding to purchase an insurance policy administration system, there are a few key factors to consider:
- Industry: Some insurance policy administration systems are designed for a particular subset of the insurance industry, such as life insurance or property and casualty insurance. These are good options for more specialized insurance agencies. If you currently offer a broader range of insurance policies or plan to in the future, you will likely want to consider a system with broader potential.
- Stand-Alone vs. Suite: It is important to consider whether you need a more comprehensive software solution for your insurance agency. If so, you may want to choose an insurance suite software product instead.
- Specific Features: Insurance policy administration systems vary in some of their less standard features. You may prefer a system that excels at policyholder communication in particular, or one that is very good at automating tax forms.
Vendors typically do not make pricing information for insurance administration systems publicly available. They will provide custom quotes and demonstrations upon request. Pricing will likely be based on your industry, desired features, and number of users.