Service Insurance

Service Insurance is a comprehensive solution designed to handle policy administration, claims processing, quoting, billing, and collections. It seamlessly integrates with Product Factory, a centralized system for managing banking and insurance product portfolios.

With its intuitive, sentence-based product designer, Product Factory enables you to create customized insurance products using templates tailored to your business needs. Once a product is designed, you can approve it for production, monitor its performance with analytics, and refine it through iterative updates and new versions. After configuration, offers can be generated—allowing you to sell products individually or as bundled packages. Offers also support customizable descriptions, targeted audience strategies, and flexible discounting, giving you control over commercial adjustments with agility.

The integrated suite includes Quote Admin, Policy Administration, Claims Management, Billing & Collection, and Reinsurance Admin solutions. These applications streamline policy handling, ensure efficient claims resolution, and support financial operations, while leveraging advanced configuration tools—such as rating engines and automated underwriting rules—for effective risk management.

• Quote Admin simplifies the insurance quote management process, ensuring seamless alignment between the customer’s accepted offer and the issued policy.

• Policy Administration oversees the entire lifecycle of an insurance policy, from inception to termination, managing issuance, renewals, mid-term adjustments, suspensions, lapsing , reinstatements, and cancellations.

• Billing & Collection accelerates the quote-to-cash journey by automating billing and collection and automatic allocation processes—such as direct debit—while providing guided workflows for bank statement imports, new payment requests and manual payment allocations, ensuring accuracy and efficiency.

• Claims Management handles claims from initial reporting of an event until final settlement, governed by the scope of coverage outlined in the insurance contract established through Policy Administration. A valid insurance contract stems from an accepted quote (Quote Admin) and remains enforceable only if the premium is paid on time and in full (Billing & Collection).

• Reinsurance enables insurers to mitigate risks by transferring a portion of their liabilities to another insurance company, protecting against significant claims events through a process known as "ceding."