Core Policy Admin

With increasing digitization, the amount of data and the number of data points is growing faster and faster – and their intelligent and fast use can be a pressure for insurers. When you use Core Policy Admin for collecting, storing and processing policy data, you also save time for: acquiring new customer segments, tapping into other customer needs or creating new products and services.

The Core Policy Admin module keeps a traceability during the life period of an insurance contract and its adjustments through time. The solution is comprised of the following key functionalities:

  • The Policies repository - for storing and managing your digital insurance policies.

    • The Policy Mid Term Adjustments flow - for making various changes on the policy with different impacts such as changes in the existing coverage on the policy, changes in the type of payment, changes in the frequency of payment and more.

    • The Policy Cancellation flow - for managing cancellation processes; from registering and validating policy cancellation requests, to calculating the amount to be returned and approving payments.

    • The Policy Automatic Renewal flow - for generating renewal offer policies for those which are due to expire.

    • The Excess Management flow - for capturing and storing the excess for coverages, sub-coverages and risks.

    • The Policy Claim Data flow - for getting claims data from an external source in order to be used in the views for Policy Claims data and other processes.

    • The Pet Insurance flow - for saving relevant data for each pet that has a policy issued.

  • The Master Policies flow - for creating bundled policy offerings, covering general insurance, healthcare and life protection.

HINT  If needed, you can further customize your Core Policy Admin flows by using the FintechOS Business Workflow Designer.

Core Policy Admin is designed to offer you a streamlined route for managing different types of changes affecting an insurance policy during its lifetime. To access the Core Policy Admin module take the following steps:

  1. Go to your FintechOS Portal and click on the main left menu.
  2. From the drop-down, click to open Core Policy Admin. Inside the Core Policy Admin drop-down:

  • If you need to probe inside your policy repository, click Policies.

  • If you need to need to get a report, click Policies Report.

  • If you need to need to register a new type of payment made on a policy, click Change Payment Type.

  • Click Policy Cancellation to trigger the digital journey for the cancellation of a policy.