Policy Administration Systems
There are many vendors that offer Policy Administration Systems for Life Insurance and Annuities. Carrier policy administration support many key functions such as new business processing, quoting, billing, and insurance product actuarial functionality. Many Policy Administration Systems support claims, commissions and agent licensing and there are several more key features to these robust policy platforms. Many of these functions can be purchased as separate modules or even separate systems from various vendors and then integrated accordingly. Carriers who have been around a long time have invested millions of dollars in heavy customized policy administration systems that are old technology and classified with the taboo word “Legacy Systems”. The newer platforms have more agility and component based architecture so that you get speed to market and can prevent being caught in an entangled web that paints you in a technological corner that would take millions of dollars and years to move forward into a modern platform. The good news is that many of these vendors can also augment pieces of older Policy Admin platforms. Strategically making an investment in a Policy Administration platform is a big decision and a very large project investment. Please note that for those carriers that are looking to outsource their Policy Administration we will be providing information and resources here at InsurTech Express as part of our “Solutions Roadmap”. Ken Leibow
Featured Policy Administration Systems (PAS)
Learn about the Policy Administration Systems (PAS) featured on the page and link back to those solution providers to learn more. Featured vendors for PAS on InsurTech Express are:
- FAST Technologies
- Oracle Insurance
Policy Administration Buyers Guide
Why Do You Need the Insurance Policy Administration Buying Guide? Because it contains all the information you wished you knew about how to buy insurance software, the smart way. Learn how to avoid the five software buying traps, what it takes for a cost-effective rollout, how to evaluate vendors, and plan a rollout schedule that works. Download the Policy Admin Buyers Guide by Slivervine.
Ebix Policy Administration
Ebix’s OneOffice is a fully compliant policy administration system (PAS) for life and annuity products. OneOffice integrates front- and back-office functions into one platform that encompasses sales, administration, reporting, and management functions. This solution brings together client support, administration, call centers, underwriters, advisors, and customers into one central system. OneOffice also interfaces with critical systems such as accounting systems, data warehouses, and web portals.
More information: https://www.ebix.com/OneOffice
The Policy Processor (TPP)
Ebix’s The Policy Processor is the industry’s most advanced and comprehensive new-business processing and underwriting system for life insurance. This solution accommodates all life products across all distribution channels, and it integrates with third-party systems and data providers to create seamless workflows. TPP features web-based forms for collecting data from customers and advisors and includes licensing/appointment verification, electronic ordering of requirements, and more.
More information: https://www.ebix.com/tpp
Producer Support System (PSS)
Ebix’s Producer Support System (PSS) brings sophistication and integration to managing the producer lifecycle. This solution allows for the creation of custom producer onboarding workflows, complete with automated capture of products to be sold by a producer, the commissions that the producer will receive for the sales, and the payees who will receive the commission splits. PSS also includes a compensation management module and integration with third-party systems for retrieving license and continuing education information from states.
More information: https://www.ebix.com/pss
Oracle Insurance Policy Administration for Life and Annuity
Consolidate Any Type of Business in One Modern Platform
Simplify your systems with a modern, rules based policy administration system that supports policy issuance, billing, collections, policy processing, and claims covering Individual and Group for Life and Annuity business on a single platform.
Rapidly Configure, Manage, and Bring Annuity Products to Market through Highly Flexible, Rules-Driven Policy Administration.
More than 80 business processes from new business through claims.
- Client-centric navigation
- Innovative Web 2.0 user experience
- Next-generation insurance product configuration
- User collaboration through wikis and messages
- On-line reporting
- Real-time or scheduled processing
- Bulk transaction and cash management
- Role-based common front end (across different components)
- Flexible, limitless product structure
Majesco LifeAdmin Plus
End-to-end policy administration with real-time processing for new business, claims, alterations, billing and collections. Deliver new products and innovative experiences through modern, flexible, and rules-based insurance solutions.
Accenture Life and Annuity Software. ALIP Policy Administration
Delivering strategies and solutions that propel carriers into today’s hypercompetitive digital market.