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FirstGen for P&C Insurance

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Overview

FirstGen is a new age insurance solution offering that supports extensive operational capability, from the Point of Sale (POS) right up to General Ledger (GL), including Outward Reinsurance booking and Claims settlement.

This fully integrated P&C application suite meets the ever-increasing demands of the insurance market segment for Personal, Commercial, Specialty and Health (medical) portfolios. FirstGen is a cloud enabled GUI based modular insurance administrative application that meets the P&C carriers business needs (all LOB’s) and is significantly intelligent enough to deliver singular transactions, bulk processing, immediate & deferred settlements, cross module transitions, linguistic abilities, and digital interactions.

The application renders beautifully structured user interface with adaptive screen layouts, hierarchical insurance patterns and summarized financials coupled with robust database architecture. The DIY configurational aspects of the system ensure a modern and personalized behaviour, great user experience aimed at achieving speed to market with focus on new product development/launches by the P&C carriers. This reduces the overall dependency on hiring large technical teams to work on code development, re-factoring and compilations thereby lowering frequent application downtimes.

Key Features

  • Fully integrated core insurance product suite capable of hosting On-Premises or Cloud servers.
  • Real time data and information sync between business components (Underwriting, Claims, Accounts, Reinsurance).
  • Industry compliant J2EE SOA platform is utilized to develop enterprise solutions using web services.
  • Supports Quick Quotations, Integration with pre-fill services, AI Assisted and Automated Underwriting.
  • Well-structured screen layout with custom design capabilities enabled for insurance business teams.
  • Exposure to FirstGen Business Data Model for accurate scoping of metadata for downstream product configurations.
  • Rule & Rating Engine (RRE) supports pricing calculations for Experience Rating, Schedule Rating, Retrospective Rating. Business rule processing is supported for borderline validations across all business modules.
  • Top of the line reinsurance capabilities to manage Quota Share, Surplus Share, Facultative, XOL cessions. Granular reinsurance allocations and bookings help insurance carriers to build capacity.
  • Party management enables 360-degree view of entities with detailed information about producers, suppliers, insurance carriers, financial institutions and reinsurance stakeholders.
  • Identity & Access Management in FirstGen enables user group access privileges specific to respective branch or area-based credentials. Also supports inter and intra department access.
  • Supports customized template (excel based) for bulk policy uploads for all LOB’s to ensure business operations are not impacted.
  • Open to external ecosystem integration such as ERP, core legacy platforms, digital interfaces, insurance data models, proprietary applications.
  • Metadata driven architecture supports data cubes, business intelligence, compliance reporting and core data governance processes.
  • Authorization and workflow management capabilities offer robust maker checker transaction processing categorically for insurance business users.

Key Benefits

  • Global solution supports multi-lingual and multi-currency transactions across core insurance business modules.
  • Ready to use packaged solutions, quick configurations and rollouts emphasize speed to market with respect to new product launches.
  • Comprehensive Out Of The Box (OOTB) industry standard capabilities for quotation, underwriting, claims and reinsurance enables full scale operational efficiency.
  • Real time data interchange between business modules reduces operational redundancy and enhances transaction processing.
  • FirstGen’s configuration model provides wizarding capability for P&C (full suite) and Health insurance LOB.
  • Comprehensive risk management includes underwriting based on risk block and reinsurance programs. Large loss and catastrophe claims assessment are supported functionalities to help insurance carriers re- Assess premiums for future book of business.
  • Pre-fill services, adaptive UI/UX coupled with framework components that support complete insurance business operations.
  • Access to build outbound document templates in various supported formats such as PDF, SMS, Email and Static thereby, reduces dependence on external systems.
  • Third party integrations using modern API framework (includes standard and custom-built APIs) that aides to connect various new age applications with modern architectural platform.

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