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:

 

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QLAdmin Life & Health Policy Administration and Medicare Supplement Claims Auto-Adjudication

QLAdmin provides end-to-end insurance policy administration for traditional and interest sensitive life, health, annuity and supplemental products. Quickly service all phases of the policy lifecycle with accurate and automated processing using intuitive and easy-to-learn features. Add web portals access or third-party front-end sales tools to further enhance your service offering.

 

For Medicare Supplement claims auto-adjudication, QLAdmin is an out-of-the-box solution that enables carriers to get into the growing Medicare Supplement market without incurring TPA fees or having to attempt a custom-built system. The unique Claims Dashboard provides performance metrics, while the Business Rules Engine provides easy configuration options via user-interface tools. Achieve faster time to market for new products and new states, and see greater efficiency in claims auto-adjudication.

 

Medicare Supplement Claims Auto-Adjudication

o   All Medicare Supplement plans for parts A and B

o   All states, including Wisconsin, Massachusetts, and Minnesota

o   All benefits, including coinsurance, excess amounts, and foreign travel

 

Key system components include:

o   Claims engine dashboard with performance metrics

o   Business rules engine for benefit and procedure mapping

o   Manual claims queue with one-click re-adjudication

o   Rate increase filing and implementation management

o   New business and e-app import via ACORD integration

o   EDI file integration with clearinghouse and EOB/payment vendors



 

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iPipeline PAS

Legacy systems have no place in your rapidly-digitizing business. It shouldn’t cost you years and millions of dollars to launch new products because of antiquated technology. Your policy administration system should be working for you, not against you. iPipeline PAS allows you to take new products to market quickly, while increasing agent and policyholder satisfaction with exceptional self-service capability


 

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.

 

 


 

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Ebix Policy Administration

OneOffice

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


 

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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.


 

FAST Technology

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

 

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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.