Policy Administration System
Bridge’s Policy Administration software module provides functionality to manage your policies throughout their entire lifecycle and act as the system of record for the policy, at a fraction of the cost of traditional policy administration systems.
Policy Administration Software Functionality
- Customizable screens and workflow enable the recording of all data elements and coverage specific risk information for all lines and all transaction types... all without programming
- Transaction workflows for new business, renewals (including automated renewals), endorsements (including out-of-sequence endorsements), cancellations, and reinstatements.
- Rating and underwriting rules engine is easy to configure, allowing you to:
- Calculate all premiums, taxes, commissions and any other applicable fees based on a configurable rating engine
- Validate all data entered as user progresses through the workflow to trigger warnings, referrals, compliance notifications and other workflow events
- Trigger applicable insuring conditions, warranties, exclusions or other wordings from a clause library or form database
- Generate all quote and policy documents based on intuitive MS-Word templates
- Underwriters benefit from a standardized quoting process enhanced through on-line collaboration and messaging. Working with broker portals, our policy-administration system can deliver fully automated quote-bind-issue functionality to brokers, agents and clients out in the field.
- A wide range of billing and invoicing methods, including a powerful tax calculation engine to support centralized management of multinational programs.
- Plug-in integration points with 3rd party data providers, rating engines and integration with Business Intelligence for reporting. Native support for ACORD standards.
Please contact us to find out how Oceanwide's insurance software empowers you to efficiently manage your policies throughout their entire lifecycle.