Writing policies is a part and parcel of an insurer’s business. A policy module is expected to act as the system of record for all policies and to also execute all the core policy processes like rating, quoting, issuing, endorsements and renewals. Simple as this may sound, a lot of complexity is brought into the process with the customized coverages, exposures and risks. The sales process itself can offer a lot of complexity during the negotiation phase, involving the carrier, the agent and the policyholder. Additional complexity is brought in by having to maintain operational efficiencies while dealing satisfactorily with the market demands and the need for growth.
The Prise PAS is a comprehensive policy administration system which supports the complete insurance value chain. It allows customers to configure the workflows as per their unique business needs. It also offers a role-based configuration to users using rules and workflows which can be easily defined by the users based on their business-specific requirements. You don’t need a database administrator to make changes to the UI and even use product versioning to maintain multiple versions of a single product. Let’s look at its policy module to understand why its offerings beat everything out there, given their ease of use, simplicity, adaptability and customizability.
The Prise Policy module allows you toadd accounts, create quotes and policies, and manage their administration. Prise also offers an agent portal which can be integrated into the Policy Administration system and support agents and direct customers. The module can be hosted as a web application or be hosted on the cloud, too.
- The module allows insurers to easily manage all policy transactions from Quick Quote, Policy Submission and Bind, Endorsements, Renewals, Cancellations, Reinstatements and Rewrites.
- Workflows can be configured and customized by users as per their need and bypass the standard policy statuses which do not match their business need using the next actions option.
- Users can make use of the additional feature which allows an automated out-of-sequence endorsement.
- Policy processing is supported through both manual and automated methods.
- The module allows users to configure role-driven dashboards for Carriers, Agencies, Brokers and other Distributors.
- It can be integrated with inbuilt underwriting module, rating module and forms module delivers fast responses from each supporting module and complete the quote/policy transaction in no time.
- The module also offers an unmatched flexibility to integrate with external systems also.
Get set to enjoy the unmatched Prise advantage as you quickly start building coverages, issuing policies, endorsements, underwriting rules, rates and forms from scratch. Save a lot of time with its easy processes and flexibility. Business users can save a lot of time and effort, with bulk data upload and import, owing to the excel import and export feature of Prise, when they need to add agency transfer information, producer’s information, or various risks information, etc. Complex requirements can also be handled easily with its customized screens and user-guided implementation. Call us to know more or set up a meeting, so we can come and demonstrate its capabilities to you.