Overview
What is Policy Administration System?
The Policy Administration System, developed by AGO Insurance Software, Inc., aims to streamline policy administration processes for property and casualty insurance firms. According to the vendor, this comprehensive system is designed to cater to insurers of all sizes and is utilized by various professions...
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Product Details
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- Tech Details
What is Policy Administration System?
The Policy Administration System, developed by AGO Insurance Software, Inc., aims to streamline policy administration processes for property and casualty insurance firms. According to the vendor, this comprehensive system is designed to cater to insurers of all sizes and is utilized by various professions and industries, including insurance underwriters, agents and brokers, claims adjusters, accountants, and administrators.
Key Features
All Lines Expert Underwriting System (ALEXUS): According to the vendor, ALEXUS allows business users to enter and maintain rules without the need for IT staff involvement. It offers entry screens to capture data elements specific to each line of business and provides work in progress tracking for underwriters, with the option to view the entire team's workload. The system also offers automatic processing capabilities for tasks such as ordering motor vehicle reports and credit/inspection reports.
Accounting System on the Web (ASWeb): ASWeb provides a wide range of accounting features for insurance firms, including premium billing, invoice entry and editing, installment billing entry, cancellation processing, cash posting, and EFT/ACH payment options. The system also supports premium waiver, unapplied cash processing, payable processing, return premiums, check production and voiding, commission due calculations, and generates various reports such as payables pending and remarks/notepad screens.
Agency Web Interface (AWI): According to the vendor, AWI allows users to enter new quotes, retrieve existing quotes, and seamlessly submit applications to the AGO policy production system in real-time. It enables users to enter and price risks, modify coverage, and instantly re-price quotes. AWI also supports multiple open quotes simultaneously, enhancing efficiency for insurance agents and brokers.
Bureau Reporting Modules (WCPOLS, WCSTAT, WCROI, CMS Section 111): These modules provide automated reporting compliance for insurance firms. WCPOLS enables the reporting of written policies, endorsements, and cancellations to bureaus or directly to states. WCSTAT facilitates the filing of Workers Compensation Unit Statistical Reports to state bureaus. WCROI compiles and files Workers Compensation First Report of Injury and Subsequent Report of Injury. CMS Section 111 ensures mandatory reporting on Medicare beneficiaries.
Claims Tracking System on the Web (CTWeb): CTWeb offers a comprehensive set of features for claims processing, including claims entry and updates, policy verification, reserve setup, check production, scheduling of payments, one-touch claim closing, and reinsurance monitoring. The system provides various reports such as claims tracking, claims register, expected/overdue recoverables, closings due, daily diary, and loss run by agent, expiration month, or policy.
Policy Processing System on the Web (PSWeb): According to the vendor, PSWeb supports the entire policy processing lifecycle, starting from application processing and expert underwriting to quoting, rating, and quote and binder printing. It offers interfaces for analytics, premium finance generation, MVR requests, and more. PSWeb also handles policy production, statistical coding, policy forms, automatic interface of billing transactions, and policy administration tasks such as renewals, endorsements, out of sequence transactions, and driver attribute lookup and MVR submission. The system allows the entry of remarks to applications, in-force or canceled policies, and provides a claims summary screen and automatic cash application upon policy issue.
Policy Administration System Technical Details
Deployment Types | Software as a Service (SaaS), Cloud, or Web-Based |
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Operating Systems | Windows |