Service Insurance is a collection of capabilities designed to manage policy details, claims processing, servicing and managing quotes, billing and collection operations. The primary goal of these applications is to streamline and automate many of the tasks involved in managing insurance policies and claims, allowing service representatives to efficiently assist customers and provide high-quality service.
The Policy Administration, Claims Management, Billing & Collection, and Reinsurance Admin modules collectively form an integrated insurance service applications suite that enables comprehensive policy management, efficient claims processing, and financial operations and while also leveraging product configuration capabilities like rating engines, automated underwriting rules for an effective risk management.
The Service Insurance solution rests on a set of embedded rules, configurations, processors and a comprehensive API suite to provide all of these modules working together seamlessly.
Policy Administration manages the policy lifecycle from creation to termination. This solutionis responsible for handling various policy-related functionalities, including: creating policies, updating policies, renewing policies, terminating policies. Policy Administration is linked with Insurance Product Factory, Billing & Collection and Claims Management.
Billing & Collection refers to the processes involved in invoicing and collecting payments from policyholders for their insurance premiums. This solution is linked with all the service components.
Claims Management is responsible for managing the claims process from initial reporting to final settlement. Claims are dictated by the scope of cover as it is defined in the insurance contract captured in Policy Administration. The insurance contract is the result of an accepted quote (Quote Admin) and is valid only the premium is paid in time and in the correct amount (Billing & Collection).
Reinsurance Admin manages the portfolio reinsurance contracts to keep up with the amount of contract related details that insurers need to manage.
The Insurance Master solution rests on a set of embedded rules, configurations and processors to help all of the Service Insurance solutions to work together.