Policy Administration Systems: An Introduction
Dan Watt, Senior Vice President of Product Management
This series explores policy administration systems, their importance for business success, and what considerations ...
Read MoreA policy administration system is a software that allows insurers and companies to manage end-to-end life cycle policies. It helps users to save time by automating policy changes, rule changes, and the introduction of new products.
FINEOS Policy is an insurance policy administration system that offers a centralized view and enhances service quality, efficiency, and accuracy. Its highly visual navigation metaphors allow users to master the increased data complexity of today’s benefit policies, speeding service resolution, and reducing errors and leakage.
Product factory/product lifecycle management capabilities, along with the wide range of admin models supported, also provide the flexibility, transparency, and control necessary for true market agility and good governance.
Know the key features of FINEOS Policy:
As the central source of truth, FINEOS Policy offers a single insurance policy administration system in system simplified environment, improving service, productivity, and accuracy while reducing or eliminating fragmentation, dependency on shadow IT, manual processes, and the need for rekeying of data. Case setup is accurate and fast, and checked for data integrity and product-rule compliance at every step. Users are guided through events with potentially complex consequences, such as retroactive alterations. The self-service capabilities reduce admin team’s workload while increasing client satisfaction.
FINEOS Policy manages the entire journey of a policy, including its group and member level constituent parts, from notification of sale, through renewal and beyond. You get a consolidated view through time via integrated workflow management, stakeholder communications, calculations, validations/quality review, and full versioning. Data currency is maintained through continuous connection to upstream systems such as enrollment, quoting, and underwriting. APIs coordinate the provision of accurate and timely inputs to downstream processes such as contract issuance, billing, and claims.
Benefits insurers can increase their market through a flexible and extensible product factory providing both speed-to-market and configurable tailoring for rapid onboarding of new takeover business. This modular administrative model is designed for today’s increasingly matrixed admin environment, in which parts of the value chain are frequently managed by third parties. The range of supported admin models helps insurers match or exceed prior carrier admin arrangements, as well as optimize client convenience.
Deployment may be phased by product, admin model, geography, or other factors. Out-of-the-box accelerators for major industry products reduce carrier setup requirements. Data migration tooling is provided for policies, parties, and other key legacy records, with or without reprocessing capability. APIs ensure smooth integration with pre-sales, billing, claims and other upstream and downstream systems.
Dan Watt, Senior Vice President of Product Management
This series explores policy administration systems, their importance for business success, and what considerations ...
Read MoreDan Watt, Senior Vice President of Product Management
The second part of our exploration of policy administration systems, following an introduction outlining why they ...
Read MoreChristy Traupe, SVP Claims and Absence
I attended GroupTech Connect and InsureTech Connect in Las Vegas last month for the first time. I would have never ...
Read MoreThe product base is managed to avoid bloat and retain control. New products can grow from components of existing products, with or without cloning or separation. Introduce and manage small variations without necessitating wholesale new product creation. Search, browse, and comparison tooling provide transparency of both product data and product behaviors. Product rules govern the latitude allowed at the policy or case level.
FINEOS Policy offers the most comprehensive policy administration software solution in the industry. Life, Accident ...
FINEOS Billing is a complete software solution designed to support the insurance billing system and premium ...
FINEOS AdminSuite is the only modern component-based group, voluntary and individual core system designed ...
FINEOS is proud to be selected as one of the Top Ten Policy Administration System Providers 2020.
A policy administration system is a software that provides full management of policies for insurers and companies.
A policy administration system for both the member and group levels for Life, Accident and Health insurance should include a fully configurable platform to simplify and manage all steps in the policy administration journey.
FINEOS Policy administration system features fully integrated and tailored functionality with highly visual navigation tools, intelligent workflows, automatic calculations and full version views of transaction history.
Depending on the business, policy administration systems can be integrated with claims management software, absence management software, billing solutions, risk management information system, and any other internal operations systems that the company has.
Achieve full policy admin support as FINEOS Policy integrates seamlessly with other products under FINEOS Adminsuite.
A policy administration system enables all policy administration transactions under a single source of truth for the group policy and member data, driving efficiency in downstream systems and operations. With fully configurable modules that provide customer-centric views and enable self-service, FINEOS Policy ensures superior service delivery.
Risk is reduced with FINEOS Policy administration system through automated regulatory compliance, embedded security and a unified data archive. Costs and time associated is reduced by eliminating manual business processes and data in multiple systems.
FINEOS Policy administration system is architected to run as a standalone solution or as part of the FINEOS AdminSuite. Built on a highly-configurable, scalable platform to accelerate growth and innovation, this policy management system offers state-of-the-art, component-based APIs to support transactions and customer interactions throughout the entire policy management lifecycle.
FINEOS Policy helps benefits insurers increase their marketshare through a flexible and extensible product factory providing both speed-to-market and configurable workflow management to enable efficient and scalable onboarding of new business and policies.
Policy administration systems offers self-service portals and a robust API library which enables resolution of faster process changes. FINEOS Policy reduces time and frustration by not using multiple systems and increases competitive advantage with faster implementation of new products and policy features.