Sapiens IDITSuite for P&C
Sapiens IDITSuite for Property & Casualty is a market-leading and internationally proven Property & Casualty (P&S) insurance solution that places the customer at the heart of the insurance business, enabling carriers to know their customers better and offer services tailored to their needs. Sapiens IDITSuite supports all aspects of P&C insurance, covering all personal, commercial and specialty lines of business (LOB).
Sapiens IDITSuite is a comprehensive, modular, web-based solution built from the ground up to support insurance processes. Placing the customer at the heart of the insurance business, it incorporates all functional modules necessary to know the customers and offer them products and services tailored to their personalized needs.
IDITSuite enables to offer virtually any product in the P&C insurance market through dynamic, customizable, parameter-driven tools and wizards geared towards self-sufficiency, and enabling insurers to take ownership of change.
The solution offers full support for all front and backoffice insurance management processes, including insurance product design, policy administration, underwriting, claim management and much more. It comprises the following functional modules:
- Contacts module for contacts management.
- PolicyMaster for policy and underwriting management - fully integrated with all other modules in the suite, it 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 company.The dashboard gives users a high-level view of the policy, including the current account balance, associated claims and recent interactions, thus providing a clear picture of the policy as of today.
- BillingMaster - the billing and collection module that provides timely, accurate and cost-efficient management of financial accounting for all participants in the insurance process, including direct customers, carriers, coinsurers, agents/brokers and service providers. The module offers a range of features and benefits, including direct and agency billing, flexible payment plans, full audit trail of payables and receivables, receipt processiing, receivables management, dashbaord and account-management workbench and more.
- ClaimsMaster for claims management
- Intermediaries for managing agents, brokers, partners
- Technical Accounting for managing the full cycle of premium services, taxes and fees
The above functional modules are supported by powerful business tools:
- Product Factory - integrated set of wizards that enable trained users to create all product components/building blocks bundled together in different ways to suit any target market
- Workflow module - integrated with all other modules, ensures business processes adhere to defined procedures and outcomes
- Corresondence – managing all correspondence (inbound and outbound), which is automatically attached to the corresponding business object (policy, claim, account, contact)
- Business rules engine - setup-based, parameter-driven, flexible configurable rules engine for creating and maintaining a library of business rules
- Operational reporting - powered by JasperReport, enables users to take ownership of operational reporting, with a fully documented data model
- Security module - provides all the security services to IDITSuite
IDITSuite is a field-proven business solution geared towards Straight-Through Processing (STP). It incorporates insurance best practices and addresses the unique challenges of this dynamic, highly regulated market. The solution is inherently designed to address the multiple, simultaneous business and technology-oriented challenges that insurance organizations confront on a daily basis.
Featuring an n-tier, J2EE, Service Oriented Architecture (SOA), the Sapiens IDITSuite workload is well-distributed between the application server and the database, ensuring high scalability and availability and top performance. The solution is modular, enabling carriers to implement specific modules and/or processes, or the entire suite in a phased, balanced approach. Sapiens IDITSuite also seamlessly integrates with legacy applications.
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.
Multicmpany and Multicountry
Sapiens IDITSuite is designed from the ground up to support multicompany and country business operating models. Coupled with its multilingual processing and multicurrency accounting, IDITSuite gives the tools needed to be a true multinational company. Any language, including local dialects and an activation model with on-the-fly language transition capabilities are fully supported.
- Multibrand/multicompany – every brand company can view and manage its own products across the value chain’s steps. Access to business data and clients is completely segregated between different entities. Depending on parameter settings, cross usage of products is allowed between brand companies, but users of one brand company cannot view the data or clients of another brand company. Although financial transactions are kept separately, there is a unified accounts structure across brand companies. This functionality is essential for multinational companies that support multiple legal entities, and enables each entity to comply with different regulatory requirements. Each company can cater to different market segments and products.
- Multilingual – it is possible to change IDITSuite’s screen language on the fly for user convenience, including, for example, labels and values in drop-down list boxes. Every contact (insured person, agent, etc.) has a default language for communication. Furthermore, documents can be created in the contact’s default language and reproduced in any other language. Several languages are provided out of the box; adding languages is a simple task of uploading translations to the system.
- Multicurrency – IDITSuite has a single reporting (system) currency. Every transaction created is recorded in the transaction, policy and reporting currencies at the same time. Statistical reports can be generated for all currency types.
IDITSuite features a layered architecture that 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.
Compliance and Personal Data Protection
Sapiens IDITSuite provides the tools, level of data and security to support the latest regulatory requirements for GDPR, POPI, IDD and IFRS17. 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.
In an increasingly data-driven world, protecting people’s privacy and preventing data breaches have become essential. As the volumes of data created, stored and shared increases, protecting personal data and complying with data-protection regulations are key objectives of insurance carriers. IDITSuite is a modern PAS that helps insurers to easily and fully comply with personal data-protection requirements.
Rapid Time to Market
Sapiens IDITSuite is a very flexible and versatile platform that enables insurance organizations to create, modify and launch insurance offerings rapidly and effectively, on a local or global scale. Following the methodology of design once and reuse, the solution’s powerful Product Factory, coupled with the business rules engine, provide a robust foundation for easy product configuration, market responsiveness, agility, and rapid time to market. Every product artefact that the users configure is retained as a single instance in a central product library and is available for reuse again and again.
Highly-configurable and based on industry best practices, Sapiens IDIT’s preconfigured content and service libraries will enable you to roll out new, innovative products quickly and consistently
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
Simplified Centralized Operations
Sapiens IDIT is a full Service-Oriented Architecture (SOA), component-based, packaged solution with easy maintenance and seamless integration
Elasticsearch, a distributed search engine that can perform structured and unstructured searches, provides a faster and better experience for insurance personnel by shortening IT and business processes, and enabling insurers to quickly leverage valuable data across modules and processes for a 360-degree view of customers, agents and operations.
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:
- Product ownership – IDITSuite wizards enables users to take full control of product configuration, including launching new marketing offerings and maintaining pricing models
- Day-to-day management – users takefull control of the day-to-day running of IDITSuite, including user access control, batch jobs, workflow, document templates and operational reporting
- Change management – IT in the organization are empowered to take ownership of the development of the customer layer, including extending data models and customer-specific interfaces/integration
By adhering to Sapiens development methodology and architecture, a smooth upgrade path enables IDITSuite customers to take full advantage of our ongoing investment in the solution.
Today, businesses need a comprehensive digital suite to keep up with their competitors and evolve for the future. From business intelligence and analytics to portals and delivery of insurance products and services over a variety of channels, insurers are attempting to make their offering to digital-savvy customers unbeatable. 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 IDIT facilitates efficient digitalization of the insurance operations, supporting multichannel distribution, digital journes 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.