About Solartis Insure
Solartis Insure is a fully configurable, API-centric policy administration platform built entirely on microservice architecture.
Solartis is deployed in a secure and robust cloud infrastructure. It supports the entire policy administration process for all P&C lines of business, including both admitted and non-admitted insurance products.
Because the Solartis platform contains base insurance product (LOB) content for all personal and commercial lines of business, we can rapidly configure and launch your product(s) in record time.
- Configure, maintain, test, and deploy all insurance products using our Solartis Builder
- Make API calls to our 120+ microservices from a Solartis user experience layer or from your own technology platform.
- Orchestrate and integrate our microservices with your APIs and third-party content providers to create a unique insurance ecosystem.
Homeowner Case Study Spotlight
Customer Profile
A large MGA representing multiple homeowner insurance carriers and program types found it necessary to make frequent changes at both the book-of-business level and at the individual policy level.
Primary issues the client encountered:
- Delays in turnaround time due to the frequency of required changes
- Accuracy problems resulting from data entry, redundancies, and manual tasks.
- Lack of self-maintenance capabilities
- Limited ability to make changes at the book-of-business level
Key goals of the new Homeowner Platform:
- Agility in addressing frequently required changes
- Automate multiple manual processes (insurance technology)
- IT modernization and digital transformation
- Intuitive user interface and workflow
How was Solartis able to assist the client?
Solartis spearheaded a groundbreaking digital transformation in insurance by delivering a comprehensive suite of essential components to meet the client's architecture and technology prerequisites: microservice-based architecture, configuration toolkit, Insurance expertise, and proven results in personal lines.
The client elected to take advantage of Solartis’ full SaaS offering - a full policy lifecycle platform with all the additional features required for homeowner insurance policy processing.
The SaaS solution also includes a full user interface, supporting an intuitive and enjoyable experience for both the internal MGA and agent users.
The Solartis Builder gives the client’s business analysts the ability to make common product changes, then test and deploy them without assistance from Solartis or their internal tech team. This improves the speed and agility of the client’s implementation of changes at the policy and book-of-business level.
The Solartis team utilized an in-depth knowledge of homeowners insurance to automate the entire process from initial quoting by the agent or underwriter, through endorsements and renewals. The comprehensive solution included:
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Enhanced processing capabilities on the Insured Level
- An easy, intuitive UX supporting the full homeowner policy administration process
- Shopper screen to compare quotes and quote options from multiple carriers
- API access to carrier rating services
- Flexible integrated payment options (ePay and third-party financing)
- Sophisticated batch renewal processing and red-flagging one-off policy review
- Claims integration with automated flagging of potential high-risk policies
- Sophisticated configured eligibility, referral, and underwriting rules
- Rating screens showing premium calculations allowing individual policy-level adjustments by the underwriter
- A wide variety of administrative tasks including Custom User “To-Do” lists, diaries, subjectivities, user notes, and emailing
- Integration with third-party content providers and systems to promote efficiency and accuracy of submissions
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Enhanced processing capabilities on the Book-of-Business Level
- Automated processes to stop and restart issuing or binding policies during turbulent weather conditions
- Automated rolling books of business from one carrier to another, insuring all carrier eligibility and underwriting rules are met
- “What-if” analysis to assess rate changes at the book-of-business level before they are implemented
- Automated aggregate management to confirm carrier-agreed ranges for a book of business or for a specified geographic region
How did we work with this customer while implementing this process?
The key to a successful implementation is getting the requirements correct at the project onset. Solartis requirements-gathering methodology is a well-structured, easy-to-follow process with proven results. It insures all requirements are received, documented, and accurate - and that nothing slips through the cracks.
After assessing the process requirements, Solartis used its Solartis Builder to structure and implement changes. This allowed the customer to review the implementation step-by-step, making them familiar with the Solartis Builder and setting the foundation for client adoption of the tool for product maintenance.
What was the result?
Revenue growth 20% CAGR over 5 years
Revenue growth 20% CAGR over 5 years
The client had their highest profitability compared to the competition, which can be attributed to better efficiency: the result of automation, process improvements and an enhanced and enjoyable agency user experience .
Bottom Line:
Solartis Insurance’s expertise in homeowners insurance policy administration, proven results in personal lines, flexible microservice architecture and full configuration capabilities enabled this customer to create unique homeowner ecosystems that are a joy to work with and manage.
