Best 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...
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Learn More About Insurance Policy Administration Systems
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 insurance suite software. 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.
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Pricing Information
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.