What is an Insurance Policy Administration System?

A policy administration system for insurance is a solution that allows insurers and companies to manage end-to-end life cycle policies. FINEOS Policy is a purpose-built policy administration system for the Life, Accident and Health industry and the Employee Benefits market to seamlessly support insurers, employers, and employees on their insurance journeys.

Policy Administration | Your Single Source of Truth

Experience a simplified environment that improves service and productivity.  Case setup is accurate and fast, and checked for data integrity and product-rule compliance at every step. Self-service capabilities reduce administrative workload while increasing client satisfaction.

Ensure Continuity in Your Policy Administration

  • Manage the entire journey of a policy, including its group and member-level constituent parts, from notification of sale, through renewal and beyond.
  • Get a consolidated view over time via integrated workflow management, stakeholder communications, calculations, validation/quality reviews, and full versioning.
  • Maintain data currency 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.

Know key outcomes of FINEOS Policy

  • Rapid product and plan setup and conversion with pre-built configurable templates
  • Increased service delivery and reduced errors with highly visual navigation tools
  • Consolidated views of policy information with full version and transaction history
  • Integrated workflows, streamlined communications and automated calculations

FINEOS Policy Administration System - Top Tier in Aite-Novarica 2023 Impact Report

FINEOS is proud to be in the most exclusive group of core system solution providers in the Aite-Novaria Group 2023 Impact Report.

Policy Administration in Insurance Made Simple

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.

Optimized for Modern Insurance

Designed for today’s increasingly matrixed administration environment, match or exceed prior carrier administration arrangements and optimize client convenience.

Group Life Policy Administration Systems FINEOS Leader in Everest Group PEAK Matrix® Assessment

Group insurers are increasingly seeking cloud-ready core system platforms to transform into future-ready operations. See the results of this first-ever data-driven assessment: Everest Group named FINEOS a Leader in Group Life Policy Administration Systems in 2023.

Policy Administration System Articles

Datasheets

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

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 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.