Sapiens PolicyPro for WC
Sapiens PolicyPro for Workers’ Compensation (formally called StoneRiver PowerSuite Policy) is a modular, component-based policy administration solution with broad functionality. It is designed to enable carriers, self-insurers, administrators and employers to manage the entire policy lifecycle for workers’ compensation insurance.
PolicyPro is a multi-state, multi-company, multi-market solution that supports core policy functions, including product definition, underwriting, quoting, rating, issuance, endorsements, renewals, billing, and audit.
The solution can help insurance organizations improve operations, expand service offerings, support growth, and respond to ever-changing market demands. PolicyPro offers underwriting templates to determine risk selection and pricing, freeing up the underwriters to focus on complex and high-value cases that require their personal attention. Using predictive analytics, Sapiens PolicyPro offers greater insight into the right price for a risk.
Web-based quoting enables insureds and agents to enter submission data, and rate and receive quotes based on the insurer’s pre-defined rules. Rules-driven straight-through-processing enables the definition of workflows for an optimized underwriting process and allows underwriting staff to focus on more complex, high-value areas.
- Rules based selection process
- Integrated agency management
- Automated exception-based underwriting
- Full billing system supporting advanced payment
- Rules-based policy renewal and payroll reporting
- Case management
- Automated regulatory reporting
- Document production
- Full-featured audit system
- Flexible and scalable for quick adaptation to the changing workers’ compensation market for improved operational efficiency
- A global view of the customer across all quotes and policies, offers underwriters and agents the tools to thoroughly aggregate and analyze their customer profile, resulting in better service and retention
- Leverages reflexive questioning to improve underwriting decisions, increasing new business opportunities
- Enables business users to easily modify an existing product or program, for faster roll-out (leverage cloning and versioning capabilities) and responsiveness to market changes