It can seem straightforward. A policy administration system is used to execute a number of core policy processes including rating, quoting, binding, issuing, endorsements, and renewals. It is the system of record for all policies that an insurance company has written.
However, commercial and specialty lines insurance can be quite complex. There are complex coverages, various exposures and risks, and a complex sales process of negotiation back and forth between the policyholder, the agent, and the carrier.
To handle the complexity, carriers need a policy administration system that is built to support their needs for growth, operational efficiencies and meeting market demands.
Bridge Policy Administration System Delivers:
- Customizable screens and workflows 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 the 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.
- Plug-in integration points with third party data providers, rating engines and integration with Business Intelligence for reporting.
- Native support for ACORD standards.
The Bridge Policy Administration software module empowers you to efficiently manage your policies throughout their entire lifecycle.