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The Solartis Explore platform provides insurers with predictive analytics for modeling and testing future scenarios for insurance business processes.

Challenges in “What-If” Analysis and Book-of-Business Level Changes

CHALLENGE

Insurance administrators often face limitations with traditional policy administration systems, which are designed to manage policies at the individual level, not at the book-of-business level. Performing "what if" actuarial analysis or making bulk changes across a book of business requires manual workarounds, such as relying on spreadsheets or engaging IT teams for back-office adjustments.

This lack of flexibility can lead to inefficiencies, delayed decision-making, and increased risk when making changes that impact a large segment of policies.

SOLUTION

Solartis Explore solves these challenges by providing a powerful tool for performing what-if analysis and making book-of-business-level changes. It enables administrators to efficiently model scenarios, forecast impacts, and automate bulk updates, giving them full control over their entire book of business without the need for manual intervention or complex IT processes.

Our analytical tool for book of business level ("what if") analysis and processing activities.

Policy administration systems are designed to manage policy activity on the individual policy level, not at the book of business level.

Insurance Carriers and MGAs have had to resort to manual activities to perform predictive (“what if”) analysis on their books of business, and back-office IT activities to make changes at the book of business level versus the individual policy level.

Solartis Explore solves both these challenges.

Solartis Explore

Example Visualization and Hypothesis Analyses (What-if analyses)

Solartis Explore Example Visualization and Hypothesis Analyses-1-1

Predictive ("what-if") Analysis

Today, many insurance actuaries and business analysts are still using Excel spreadsheets to perform analyses on their insurance products and books of business. They have been waiting years for the right tool.

"Solartis Explore is a critical analysis tool we used to analyze the pricing adequacy and competitiveness of a proposed new rate structure for our program. The granularity of the data Solartis Explore produced highlighted the need to file a new company LCMs. Had the tool not identified this issue, our proposed rate structure would have proved disastrous for our larger accounts and potentially jeopardized the existing book of business.

I can say with confidence that the detailed pricing simulation provided by Solartis Explore saved us and our carrier partner not only time and money; but also gave us critically needed certainty in initiating state filings of the new rate plan."

– Cameron Linder, CEO, Western Bowling Proprietors Insurance (WBPI), Rednil Insurance Brokers, Inc

The Solartis Explore platform is the right tool.

Solartis Explore is an analytical tool for modeling and testing future scenarios for targeted insurance business processes such as pricing, demand forecasting, and profitability analyses.

Analyze the impact on in-force accounts due to changes in eligibility rules, rate factors, coverages, and coverage options.
Identify off-balancing factors to minimize the impact of other changes on the book.
Evaluate new opportunities including new products/markets for the existing book.
Estimate the impact of future volatility and variability (randomness) on pricing adequacy (Stochastic Modeling).

After a one-time set up of a Use Case Model, the Customer imports the Source Data files into Solartis Explore, runs the Source data against the Target System, and generates the target reports for visualization and hypothesis analysis.

“Book of Business Level” Changes:

Solartis Explore brings book-of-business level system and transaction changes out from behind the scenes to the business user. Solartis Explore is an easy-to-use tool that allows you to perform any transaction type at the book of business (or segment of the book) level.

Here are a few examples used by Solartis customers:

Aggregate Management

Solartis Explore automatically monitors a carrier book’s Total Insurance Value (TIV) to ensure it is within the defined capacity. If thresholds are crossed, Solartis Explore will perform automatic shutdowns or refer geographic regions for manual review. The system will also restart when the TIV is within an acceptable aggregate range.

Cease Bind

Prevents the binding of new business and policy changes in specified regions during turbulent weather or named storm events.

Bulk Policy/Account Migration

Provides the capability to move a book of business (or a segment of the book) to a different carrier or program. It also supports moving the book from one system to another.

After a one-time setup of the Bulk Transaction Change Use Case Model, the customer can manage changes and analytics according to the unique needs of the business. The customer can choose to manually activate the bulk system change or to activate Solartis Explore's monitoring and automation capabilities.

Solartis Explore can continuously monitor the policy administration system’s performance and automatically perform the bulk change based on the requirements defined in the Use Case Model.

Solartis Explore Aggregate Management Example

Use Solartis Explore with the Solartis Insure Policy Administration Platform or with Your Policy Administration System

“Over the past year, three of our customers have been using Solartis Explore to assist in their insurance product level analysis, activities, and processing changes. We are excited to have Solartis Explore in the marketplace so that more insurance carriers and MGAs can take advantage of its capabilities. I encourage you to contact us for a test drive.”

–Nick Richardson, Solartis President and CEO

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