Sapiens IDITSuite for P&C (Policy, Billing, Claims)

Sapiens IDITSuite for Property & Casualty (P&C) is a market-leading and internationally proven Property and Casualty/general insurance solution that places the customer and agent at the heart of the insurance business, enabling insurers to know their customers better and offers services tailored to their needs. IDITSuite supports all aspects of P&C insurance, covering all personal, commercial, and specialty lines of business (LOBs) with full-suite yet modular functionality of policy billing and claims.

Sapiens IDITSuite provides a rich set of insurance modules, offering a full end-to-end solution to support the insurer’s financial goals while providing better customer service. It is a comprehensive, modular, web-based solution built from the ground up to support insurance processes. Placing the customer and agent at the heart of the business, it incorporates all functional modules necessary to know the customers and offer them products and services tailored to their personalized needs.

IDITSuite enables insurers to offer virtually any product in the P&C/general insurance market through dynamic, customizable, parameter-driven tools and wizards geared towards self-sufficiency and taking ownership of change. The solution offers full support for all front and back-office insurance management processes, including insurance product design, policy administration, underwriting, billing and collection agent management, claim management, and much more via workflow CRM and digital and analytics capabilities as well as vast ecosystem integration on modern cloud infrastructure.

IDITSuite comprises the following main functional modules:

• PolicyMaster – for policy and underwriting management - full policy structure design and quote rate and issue
• BillingMaster – for billing, collection, agent commission, and technical accounting
• ClaimsMaster– for claims management

PolicyMaster is the IDITSuite policy-management module that administers the full lifecycle of an insurance contract – from quote, rate, and issue, through a full range of endorsement capabilities, to expiration and/or cancellation. PolicyMaster provides a complete solution for carriers, agents, brokers, Managing General Agents (MGAs), bancassurance writers, and other insurance organizations. PolicyMaster manages policies through a process that is tailored for each LOB and provides a unified look and feel to all users. The actual screen layout and flows are LOB and/or coverage driven. They include all data elements required for rating, underwriting and document production, as well as any additional data requested by the insurer.

BillingMaster is the IDITSuite billing, collection, agent commission and technical accounting module that enables P&C carriers, MGAs and brokers to manage the full lifecycle of premium services, taxes and fees, along with commission billing, collection and disbursements. including direct and agency billing with configurable capabilities by the business for self-sufficiency. Commissions are calculated, tracked, and paid. Incorporating powerful technical accounting, BillingMaster features flexible payment options and plans, supports dunning procedures and payment reconciliation and matching, and integrates with various payment gateways and general ledger solutions.

ClaimsMaster streamlines the end-to-end claims processing for all P&C lines. It provides one-click access to key features, configurable claims rules and intelligent workflows, as well as claims dashboards with drill-down capabilities. ClaimsMaster’s modern, intuitive user interface is configurable through rules to improve overall user experience and effectiveness. The module offers a simplified navigation method, enabling users to multitask without losing data and increasing operational efficiency. ClaimsMaster’s strength is in its ability to support the end-to-end management of the entire claim, including support for multiple claimants and damaged objects (for example, motor, property, person, and third parties). Claim agendas are assigned to each damaged object, driving the claim process/SLAs. Claim questionnaires are associated to claim damage codes, enabling different questions to be asked based on the damage codes selected.

Insurance organizations using IDITSuite are well positioned to lead in the marketplace, while benefiting from the ability to control operations, reduce expenses, and improve client service. Companies can quickly roll out innovative insurance products, modify existing products, and address time-to-market needs via diverse distribution channels.

• Multicountry – the platform is designed from the ground up to support multinational business operations. It is multibrand/multicompany, enabling to establish brand companies in different countries to support multiple legal entities. It is also multicurrency and multilingual in full support of global business operations.
• Open insurance architecture - inherent integration of the Sapiens API Composition Engine (ACE) ensures that APIs can be configured, managed and orchestrated to easily empower digital initiatives. A layered architecture separates the common infrastructure from country-specific elements and customized features. Since IDITSuite’s components are independent of specific country/customization-based implementations, the time and effort required to deploy it in new geographies or environments is reduced dramatically. The solution's core functionality is international and not tied to any single language or regulatory sphere. It can be localized relatively easily to virtually any insurance, regulatory or geographic zone.
• Advanced, integrated digital solution - an advanced, integrated digital solution capable of managing all channels including broker, agent and direct to consumer, enabling insurers to be where their customers and brokers are 24/7, be it online, on smartphone or embedded in digital products. Designed and built to enhance customer engagement, user experience and automation.
• Embedded intelligence and analytics - Sapiens Intelligence is now embedded within IDITSuite with a wide range of data management and analytics capabilities.
• Compliance with Personal Data Protection and Other Regulations - Sapiens IDITSuite provides the tools, level of data and security that enable insurers to support the latest regulatory requirements for GDPR, POPI, IDD, IFRS17 and more. The solution’s roadmap process and user groups enable Sapiens to address regulatory changes prior to the deadlines and design solutions that meet our clients' needs.

• Rapid time to market - low-code product and pricing configuration engine reduce delays and the complexity of new product introduction by 75%. Enables insurers to design, create and publish products across their ecosystem rapidly and flexiblity. Supports direct to consumer and agent/broker distribution. Highly-configurable and based on industry best practices, Sapiens IDITSuite’s preconfigured content and service libraries enable firms to roll out new, innovative products quickly and consistently.
• Self-Sufficiency – insurers can take ownership of change and offer virtually any product in the P&C/general insurance market through dynamic, customizable, parameter-driven tools and wizards geared towards self-sufficiency.
• Cloud ready - leverages the power of the cloud to take advantage of the latest in data security, compliance and system resilience. Provides always-on cloud delivered software; lowest risk deployment with data security, compliance and protection; open architecture in hybrid AWS and Azure environments; and API orchestration connects multiple systems into a single, valuable ecosystem, powering third-party applications at speed.
• Open architecture - takes in data from multiple sources and preintegrates with critical components across the valiue chain, including an ever-growing newtork of insurtech companies and services
• Intelligence embedded - converting information and data into actionable insights and a system of record for the organizational brain to power business growth. Enables to tightly align data across the insurance value chain to automate low-value task while maximizing business intelligence with decision-ready data.
• Reduced TCO with Operational Excellence - out-of-the-box (yet extendable) business functionality, aggregation, simulation capabilities and analytics – combined with workflows and document management – result in increased productivity that lowers TCO.
• Self-Sufficiency - Sapiens is very driven to provide business users and developers with the tools they need to take ownership of change. Wizards, training and toolkits all support self-sufficiency, which in turn enhance product ownership, day-to-day management, and change management.
• User Community – join a business (and technical) user-based community that shares trends, innovations, approaches and more to determine the future of our solutions.
• Digital Transformation - today, businesses need a comprehensive digital suite to keep up with their competitors and evolve for the future. Sapiens philosophy is to help insurers solve their digital transformation challenges - their way. Whatever the insurance sector, a fully personalized experience, a 360-degree view of each customer and analysis of big data are at the core of the insurance sector’s journey to digitization. Sapiens IDITSuite facilitates efficient digitalization of the insurance operations, supporting multichannel distribution, digital journeys in integrated portals, and ensuring that agents and customers are able to access real-time, accurate data at any time and from anywhere – including their mobile devices, through chatbot, text message, providing exceptional digital engagements and experiences, while reducing internal customer call volume and increasing customer satisfaction.