Into Closed Books
Insurance Closed Books
A strategic platform that provides the assurance market a single long-term management of Closed Books. Sapiens solution for Closed Books is your way for driving down the maintenance cost of long-term Closed Books of business by reducing operational cost and improving customer service efficiency.
INSIGHT™ for Closed Books
Life Assurance companies seek ways to drive down the cost of maintaining long-term Closed Books of business, Sapiens can provide customisable solutions that
• reduce the operational cost base
• enable improved customer service efficiency
Sapiens understands that particular business goals may dictate whether the solution should be to continue to manage Closed Books internally or to utilise a Third Party Administration service. Sapiens is therefore able to assist in identifying the most appropriate course of action.
Streamlining the In-House Management of Closed Books
Sapiens has developed a Life and Pension policy administration system, specifically and uniquely to provide life assurance companies with a single, long-term, strategic platform for all their Closed Books.
Key Advantages
• Return on Investment - quick payback is achieved through lower IT costs and improved operational efficiency, reducing the policy unit costs and extending the remaining value of the portfolio.
• Business Improvements - a consistently higher level of customer service is achieved through the automation of effective business processes, minimising complex manual transactions and ensuring common methods in accordance with best practices.
• IT Benefits - lower ongoing cost of ownership is achieved by replacing 'old' systems (which reflect out-dated business models and working practices with long processing cycles and limited on-line functionality) with modern technology and a browser user interface.
• Fast Implementation - Sapiens' rule-based technology and RAAD methodologies enable speedy development, whilst establishing a high degree of user 'buy-in'.
Main Functional Areas
• Customer - records and maintains details of all individuals and organisations that are party to the policies being administered.
• Policy Admin - deals with maintenance of contracts together with their status through the whole policy lifecycle from 'live' (i.e. in-force) through to 'claim' (i.e. liability discharged).
• Financials - deals with customer accounts, customer level billing, collection and disbursements, plus financial accounts at policy level, and the monitoring and controlling of all financial transactions.
• Claims - handles the full cycle of all types of claims from initiation or notification through to final discharge, and in conjunction with the financial system handles all financial reporting of disbursements and the provision of all statutory notices and associated discharges.
Data Migration
Sapiens has the tools and the proven ability to migrate large quantities of data. Nearly 4 million policy records have successfully been transferred to the Sapiens Closed Books application, including data quality checking and cleansing as appropriate.
Architectural Design
• Extensibility - architectured to be able to include additional product types and functions when necessary.
• Interfaces - it can communicate with a number of other systems (internal and external) via bi-directional engineered interfaces.
Third Party Administration (TPA)
Outsourcing Closed Books administration is becoming an increasingly attractive choice for life assurance companies – both the handling of all business processes as well as the supporting IT infrastructure. This approach is particularly attractive when the life assurance company does not wish to continue to manage the customer contact (for example when there is pullout from a market segment or from the market as a whole).
An effective TPA operation will deliver business results, because:
• the TPA service provider contracts to manage the Closed Books at a totally transparent cost guaranteed for a period of time;
• the TPA service provider provides proven expertise in managing customer interactions reliably through streamlined business processes
• the TPA service provider uses resilient, scaleable, quality operational systems
• the life insurer's management time is released to focus on today and pursue new opportunities where competitive advantage can be created
Sapiens can offer Third Party Administration for Closed Books via a partnership arrangement with established providers of Business Process Outsourcing.