FirstGen - General (P&C) Policy Administration System
Overview
Property and Casualty (P&C) insurers today are facing changing business environment, new competitors, dismantling of trade barriers, stringent regulatory requirements, and customers' increasing demands. One of the biggest challenges facing the P&C insurers is how to optimize their legacy systems to meet these business challenges. Legacy IT systems are often rigid and don't provide the flexibility to adapt to the ever-increasing market-driven changes. These legacy systems don't automate routine processes, are difficult to modify, and expensive to maintain.
FirstGen is NTT DATA's answer to the challenges faced by P&C insurers. FirstGen is a new generation, web-based policy administration system, which covers the full cycle of insurance operations from point of sale right through to the general ledger. FirstGen supports all classes of P&C insurance to cater to the insurance industry's requirements. FirstGen makes full use of parameters, tables and rule engines for the configuration of products including rating and authorization levels. The externalization of business rules, allow changes to be quickly made without any coding changes. FirstGen is flexible, scalable and can quickly be deployed. Additionally, FirstGen supports multi-currency transactions along with multi-lingual capabilities.
Key Features
FirstGen's customer-centric approach provides a single client view for better customer servicing.
Single entry of data e.g. quotations can be converted to policies upon acceptance by the customer without the need for the re-entry of data.
Support for multiple distribution channels.
Powerful rating engine which supports various rating methods like table based methods, scoring-based methods, historic methods etc.
Multi-lingual (double byte) and multi-currency.
All communications can be formatted and sent in various forms, e.g. Paper, PDF, e-mail or SMS.
Key Benefits
Fast configuration and rollout of new products
Re-usable product components like coverages, lines of businesses, rating & workflow rules enable quick configuration of new products.
Easy configuration of single-line and multi-line products, accessible at point of sale or partner sites.
Easy integration with partner systems (e.g. broker, reinsurer, TPA or business process outsourcer) offering a 'virtual' Insurance Company.
'Straight through' automated operations which cut out unnecessary paperwork and reduce cost.
Simple to personalize screens to meet your business requirements
Ability to handle variations in underwriting like
Co-insurance Transaction
Open Cover and Master Policy
Certificate issue for Open cover and Master Policy
Real time information available for Business Analysis and Reporting
