SOLARTIS INSURANCE MICROSERVICES

Insurance Policy Administration Systems and Software

Launch products faster and streamline operations with modern insurance policy administration systems and software solutions.

Insurance companies are gaining a competitive advantage and providing outstanding customer experiences by embracing insurance technology and harnessing the power of digital transformation.

Insurance policy administration systems hold the key to the future of P&C Insurance.

Efficient insurance policy administration is crucial in today's rapidly evolving business landscape, where customer experience takes center stage. Insurance policy administration software plays a vital role in:

Streamlining insurance policy administration management processes.
Effectively handling the entire policy lifecycle, from issuance to renewal.
Quickly adapting to regulatory changes and ensuring policy compliance.
Better, faster communication with customers.
Enhancing security around sensitive customer data.
Accelerating insurance product innovation for a competitive edge.

What are insurance policy administration systems (PAS)?

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In today’s business landscape, insurers need a flexible, adaptive, and customizable system for insurance policy administration.

Insurance policy administration systems refer to specialized computer systems designed to manage and automate various aspects of policy administration. These systems provide insurers with a centralized platform to handle policy creation, underwriting, rating, quoting, binding, policy issuance, endorsements, renewals, and much more. They are the backbone of insurance operations, enabling insurers to efficiently handle large policies and ensure accuracy, compliance, and seamless customer experiences.

Historically, insurance administration software was inflexible and non-customizable - an all-or-nothing solution. But the insurance industry is changing, and these solutions are no longer as effective as they once were. In today’s business landscape, insurers need a flexible, adaptive, and customizable system for insurance policy administration.

Revolutionize Your Processes With Microservices

Digital transformation isn’t just an IT project; it’s a business transformation. From lowering costs through automation and increased claims accuracy to combining different data sources to uncover new insight, the value at stake is significant.

See all the processes API-centric technology can optimize for your organization with our microservices catalog.

Microservices Catalog

Legacy vs. Microservices Policy Administration Systems

Monolithic policy administration systems inhibit an insurer's ability to issue innovative insurance products and extend services with third-party technologies.

Monolithic insurance administration software creates data silos and requires labor-intensive IT work to maintain and update. An uncoupled microservices architecture allows for more flexible and rapid changes to specific areas, enhancing competitiveness and improving the customer experience.

Challenges of Legacy Insurance Policy Administration Systems

Manual Data Management & Processing

Policy administration presents significant challenges for insurers, especially in handling vast volumes of data like customer profiles, policy details, and claim history. Manual processing can be highly inefficient and prone to errors.

Compliance & Security Risks

Insurance regulations are an ongoing challenge, demanding constant updates to policy details and processes. Outdated monolithic legacy systems not only impede agility and compliance but can also be ineffective in defending against cyberattacks – a growing worry for insurers.

Lack of Transparency & Analytics

Lack of transparency and data analytics capabilities prevent businesses from gaining valuable insights into performance. Legacy systems were generally not created with analytics in mind and can be difficult (and expensive) to integrate with new technology.

Benefits of Modern Insurance Policy Administration Software

1. Efficient Data Management

Modern insurance policy administration software solutions offer a centralized platform to manage and analyze large volumes of data, improving accuracy and minimizing errors.

Automated data processing accelerates decision-making and enhances operational efficiency. For example, insurers can connect their policy and claims databases to more accurately policy clauses and coverage with claim events.

This streamlined approach also results in cost savings, freeing up resources to allocate towards other business functions. Research has shown that insurers using modern insurance administration software delivered 40% more policies than organizations on legacy technology (Mckinsey).

2. Improving the Customer Experience

Modern insurance policy administration systems allow insurers to enhance the customer experience. With modern insurance software, insurers can provide customers with a seamless journey throughout the policy lifecycle.

Improved customer data analytics delivers numerous benefits to insurers looking to improve the customer experience. From better communications to accelerating the launch of new products and services, modern policy administration systems offer cutting-edge data analytics tools that uncover valuable insights into customer behaviors. This enables businesses to identify and seize opportunities for better meeting customer needs.

Modern insurance policy administration software also allows customers to effortlessly access policy details, make changes, and submit claims through online portals without needing a cumbersome manual process. This streamlined approach not only improves customer satisfaction but also increases retention rates.

3. Enhanced Regulatory Compliance

Regulatory compliance in the insurance industry is a rapidly evolving field. Insurance companies face the constant challenge of navigating this landscape and avoiding non-compliance penalties. To effectively navigate this landscape, insurance companies must rely on insurance policy administration solutions that can quickly adapt to regulatory changes, ensuring ongoing compliance.

The flexibility of modern API-centric policy administration platforms significantly reduces the risk of non-compliance penalties. By automating updates and ensuring policy accuracy, insurance companies stay up-to-date with the latest regulatory requirements and seamlessly adapt to changing regulations without any disruptions.

4. Enhanced Security

Embracing modern insurance technology solutions demonstrates a commitment to data security and positions insurers as industry leaders. With the increasing sophistication of cyber threats in the insurance industry, safeguarding sensitive data is a top priority.

Protecting data ensures privacy, trust, and financial stability, providing customers and insurers peace of mind. Modern insurance policy administration software can significantly reduce the risk of cyber threats and ensure long-term success in the digital insurance landscape.

Modern insurance software solutions offer advanced security protocols and state-of-the-art data encryption to fortify defenses against cyber threats. Such solutions can also provide real-time threat detection, cost savings, and improved customer experience.

By implementing modern insurance technology solutions, insurers demonstrate their commitment to data security and customer privacy while positioning themselves as leaders in the industry.

5. Scalability & Speed to market

Insurance companies need a system that can easily scale with them as they grow. Modern policy administration software offers unmatched flexibility and scalability for growing companies.

By implementing an API-centric policy administration system, insurance companies can ensure uninterrupted operations and protect the integrity of their valuable data. With its seamless ability to handle a vast number of policies, this software empowers insurance companies to effectively manage their policies, no matter how much they grow.

6. Accelerate Product Innovation and Speed to Market

In the insurance industry, innovation and speed to market are critical advantages. A modern policy administration system (PAS) plays a pivotal role in these aspects.

Modern insurance policy administration systems facilitate new insurance products' development and swift launch, empowering insurers to adapt quickly to evolving market needs.

Empower insurers to efficiently design and introduce new insurance products, promptly responding to market trends and customer demands.
The system's flexibility enables swift adjustments to the product offerings, ensuring their competitiveness and relevance.
A modern PAS promotes innovation by seamlessly integrating with Insurtech solutions, fostering an environment for experimenting with innovative insurance concepts and services.
Insurance companies can leverage their policy administration systems as launchpads for growth, differentiation, and enhanced customer satisfaction.

Learn how you can deploy innovative insurance products with maximum speed. Download our eBook on How To Launch Insurance Products Faster With Microservices.

Get the eBook on How to Launch Insurance Products Faster

Modern cloud-hosted policy administration systems

Boost profits with insurance policy administration systems

Launch insurance products quickly, reduce development timelines, minimize overhead, and build a customized solution to meet your insurance goals while working within your budget.

P&C insurers that utilize cutting-edge policy admin systems have increased gross written premiums and decreased churn.

Insurance Microservices Architecture ebook

Agile core insurance systems built with the future in mind

With Solartis, you are not locked into our screens and business flow. Our microservices are completely decoupled from the user interface, giving you or Solartis the freedom to create your own branded UI, look and feel, and business flow. Solartis insurance microservices can be used on any device; a computer, smartphone, iPad, chatbot, or app.

Download the Microservices Catalog

How microservices helped Briteco go to market in six months

Solartis recently partnered with BriteCo, a jewelry insurer, to create a novel insurance technology ecosystem for their audience.

A policy administration workflow built on a microservices architecture allows both established insurance companies and insurtech startups to support the entire quote and policy lifecycle.

With this technology, companies can choose from various specialized applications to find the best functionality for each feature and ultimately build insurance products to fit any need.

Read the case study to find out more.