Insurance Policy Administration System

IDIT Policy Administration Software is an enterprise underwriting and policy administration software that manages the full life cycle of an insurance contract, from the initial quote, through rating, policy issuance, and the full range of amendment capabilities.

IDIT Policy Administration System

IDIT™ insurance administration system manages the production of policies, controlling the process by activating a series of process flows, workflows as well as data editing and validation.
    
The process is tailored for each line of business, while providing a uniform look and feel to all users. The actual screen layout and flows are lines of business and coverage-dependent and include all data elements required for the process of rating, underwriting and printing.

For simple risks, the policy administration system can be tailored to provide a ‘Quick Quote’ process, based on minimal data entry.

Insurance Administration System - Proposals and Policies:

  • Multiple lines of business packaged in one policy
  • Multiple insured objects and assets
  • Multiple dynamic questionnaires
  • Comprehensive data validation
  • Individualized price quotes
  • Differential rating based on multiple parameters
  • Clause and form management
  • Comparative quoting – multiple proposals for a single client
  • Interactive, online payment schedule
  • Automatic issue of correspondences
  • Online policy approval for immediate coverage
  • Manual underwriting
  • Fully integrated with CRM, document production, workflow & business intelligence systems
  • Insurance product promotions functionality
  • Shopping cart display of policy components

Policy Contract Administration

  • Complete fulfillment procedures:
    • Mortgaged assets
    • Multiple policy owners
    • Multiple addresses
    • Collection details
  • Automatic determination of follow-up and material required for return
  • Full integration with CRM, document production, workflow, business intelligence

Endorsements proposals

  • Ongoing, online policy maintenance
  • Endorsement proposals
  • Full audit trail of changes made
  • Back-dated and retroactive mid-term changes
  • Policy & batch policy renewal process
  • Policy cancellations
  • Audits & end-of-the-year policy regularization
  • Full integration with CRM, document production, workflow, business intelligence

 

Ecelent Technolgoy 2011
Download the Celent report - Policy Administration system for General Insurance in Europe 2011