The Policy Administration Module manages the full sales life cycle of an insurance contract. It includes quote, rate and issue as well as a full range of amendment capabilities to the insurance policy.
IDIT™ insurance administration system manages the production of policies, controlling the process by activating a series of process flows, workflows as well as data editing and validation. The process is tailored for each line of business, while providing a uniform look and feel to all users. The actual screen layout and flows are lines of business and coverage-dependant and include all data elements required for the process of rating, underwriting and printing as well as any additional data requested.
For simple risks, the policy administration system can be tailored to provide a ‘Quick Quote’ process, based on minimal data entry.
Insurance Administration System - Proposals and Policies:
- Multiple lines of business packaged in one policy
- Multiple insured objects and assets
- Multiple dynamic questionnaires
- Comprehensive data validation
- Individualized price quotes
- Differential rating based on multiple parameters
- Clause and form management
- Comparative quoting – multiple proposals for a single client
- Interactive, online payment schedule
- Automatic issue of correspondences
- Online policy approval for immediate coverage
- Manual underwriting
- Fully integrated with CRM, document production, workflow & business intelligence systems
- Insurance product promotions functionality
- Shopping cart display of policy components
