Modernizing the Next-Gen Digital Policy Administration System
The Client’s Line of Business Units (LBU’s) needed to develop a policy administration system which supports product configuration, sales, and post sales servicing transactions.
The client wanted to include transactions like billing, invoice generation, payments, surrender, cancellations, claims and maturity in a single policy administration system.
The client wanted to improve speed to market and address customer needs in fastest turnaround times. In the present scenario, assembling, configuring and administering products were error prone and needed multiple iterations. Also, the cost of creating newer products was high.
Seamless Insurance Platform
Accolite created an insurance platform – Digital Policy Administration System (DPAS) that delivered both product solutions, and rendered better customer service experience, and real time transactions. DPAS was connected via APIs to the digital partners’ platform.
Efficient Contract Management
Created a Contract Lifecycle Manager (CLM) which is responsible for managing the entire post sales lifecycle of a policy (Contract). As a part of the system mapping, a CLM instance was created for each policy issued by DPAS as part of the New Business transaction.
As a part of the system mapping, a CLM instance was created for each policy issued by DPAS as part of the New Business transaction.
The Policy Administration System supports product configuration, sales and post sales servicing transactions like Billing, Invoice Generation, Payments, Surrender, Cancellation, Claims, Maturity.
Inbuilt agility was built in the system though which LBUs were able to quickly develop products and sell it before their competitors could even identify a market opportunity.
Policy details served by the system
It brought in substantial cost benefits for LBUs by bringing sales and servicing on to a common platform.
The product’s components were built on reusable frameworks. This significantly reduced time to market, launch across regions, and reduced turnaround time for any changes to products or pricing.
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