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Azentio ONEInsurance Policy Administration System - P&C / General Insurance

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Overview

Azentio ONEInsurancePolicy Administration System for General Insurance firms is a fully developed, highly configurable, multi-line administration system that can power end-to-end insurance and broker operations. With configurable ratings engine and business rules engine of the sytem meets most requirements out of the box.

The Azentio ONEInsurance Policy Administration System is a workflow-driven, enterprise system that meets the growing and dynamically changing needs of the General Insurance industry across retail, commercial and specialty lines. As insurance companies grapple with challenges such as decreasing premium revenue, ensuring compliance, and reducing costs, the GI-PAS allows easy configuration and management of business rules and workflows for optimised business processes, leading to higher profitability and meeting regulatory compliance.

Detailed operational insights, plus e-mail alerts for overdue tasks and activities, enable easy detection and resolution of bottlenecks. The result is complete control over functions such as policies issued by agents, premium collections, claims processing, and more.

Key Features

Backed by a powerful workflow engine, our core insurance solution, the Azentio ONEInsurance policy adminstration system enhances the speed-to-market for all standard General Insurance products by fast-tracking them with automated rating, business rules and workflows to enable straight-through processing.

  • End-to-end Solutions: Supports all end-to-end core operations and processes for retail, commercial and specialty lines of business.

  • Workflow Driven Solutions: A future-ready, workflow-driven insurance system with the ability to create and manage business processes and work queues dynamically, ensuring SLA adherence.
  • Powerful Configurations Tools: The in-built configuration tools allow the creation and modification of products, workflows, rating algorithm, and business rules, helping insurers to independently respond to changing market needs.

  • Pre-configured Products: The platfom comes with 60+ pre-configured products for General, Fire, Property, Motor, Specialty Insurance business making it easy to launch new products and adapt existing products to market needs.

  • Automated Underwriting: Driven by a powerful business rules engine, the platform supplies a catalogue of business rules designed in collaboration with marquee insurers.

  • Effective Risk Management: Accurately assess the risk potential, risk accumulation and then estimate the appropriate premium for a given risk, based on a variety of pre-defined parameters.

  • IFRS 17 Accounting: The platform offers a comprehensive solution that integrates existing actuarial and financial reporting environments to deliver new reporting under IFRS17 accounting standards.

  • Automated Rating Engine: The comprehensive rating engine of the system allows insurers to configure their own ratings across all personal and commercial lines to arrive at the best premium rates

Key Benefits

Some of the key product highlights includes:

  • Cloud Based Solutions
  • Workflow Driven Solutions with Powerful Configurations Tools
  • 60+ pre-configured products for General, Fire, Property, Motor, Speciality Insurance business
  • Easy to launch new products and adapt existing products to market needs
  • Composable platform built with robust externalized modules
  • Built using a low-code/no-code platform, extendable through 100’s of APIs
  • Digitally decoupling and hollowing the core
  • Shrink-wrapped country-specific nuances baked into all products
  • Works on common customer data