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What is a Policy Administration System?

A 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.

Policy Administration in Insurance Made Simple

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.

Features of a Policy Admin System

Know the key features of FINEOS Policy:

  • Pre-built configurable templates for rapid product and plan setup and conversion.
  • Fully integrated, modularized functionality tailored to the organization’s business model.
  • Highly visual navigation tools to speed service delivery and reduce errors.
  • Integrated workflows, streamlined communications and automated calculations.
  • Consolidated views of product and policy information with full version and transaction history.
  • Fully configurable tools to accelerate implementation and integration with other functions and applications.

Efficiency

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.

Continuity

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.

Growth

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.

Productivity

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.

Blogs

Governance

The 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.

Datasheets

Top Ten Policy Administration System Providers

FINEOS is proud to be selected as one of the Top Ten Policy Administration System Providers 2020.

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FINEOS AdminSuite

FINEOS Absence

  • Absence management software
  • Integrated with FINEOS Claims
  • Covered paid and unpaid leaves
  • Simplifies Compliance
Absence Management Software

FINEOS Billing

  • Billing management solution
  • Combined or separate bills
  • Reduced billing leakage
  • Automated cash application
Billing Management Solution

FINEOS Claims

  • Claims management software
  • Provides straight-through processing
  • Increases accuracy and compliance
  • Covers payments and return to work
Claims Management Software

FINEOS Payments

  • Payments management solution
  • Automated
  • Accurate
  • Payroll Continuity
Payments Management Solution

FINEOS Policy

  • Policy administration system
  • Set up cases quickly
  • Service all tiers and admin modes
  • Connect to digital ecosystem
Policy Administration System

FINEOS Provider

  • Provider management software
  • Drive outcome-orientated engagement
  • Manage service approvals
  • Accelerate rehabilitation and return to work
Provider Management Software

FINEOS Quote

  • Group insurance quoting software
  • Fast Life, Accident and Health quoting
  • Extend quoting to distribution
  • Comprehensive workflow
Insurance Quoting Software

FINEOS Rate

  • Group insurance rating software
  • Real-time data manipulation
  • Automated complex rating
  • Award-wining, patented technology
Insurance Rating Software

FINEOS Underwrite

  • Group insurance underwriting software
  • Integrated underwriting tools
  • Efficient collaboration
  • Comprehensive quote management
Insurance Underwriting Software

FINEOS Policy Administration System – Frequently Asked Questions

What is a policy administration system?

A policy administration system is a software that provides full management of policies for insurers and companies.

What should an insurance policy administration system include?

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.

What are the key features of an insurance policy administration system?

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.

What are policy administration systems often integrated with?

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.

How can a policy administration system improve my policy admin efficiency?

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.

How will a policy administration system reduce risks and overall costs?

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.

What kind of technology can you expect with FINEOS Policy administration system?

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.

How will an insurance policy administration system help ensure business growth?

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.

How can a policy administration system help us increase our customer satisfaction?

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.