An eApplication system provides an on-line, real time electronic means for gathering the informaton required for submitting new business for all types of life insurance and annuity products. eApplication systems are frequently closely-integrated with illustration, underwriting, policy administration systems, and product rules engines. It may interface with an agency management system, document creation or management capabilities, third party evidence providers, address look up, identity verification and may include collaboration tools and status tracking.
Health / Major Medical Policy Administration and Servicing (PAS) Systems
A system of record containing current and historical information about healthcare policies issued by a health insurer. The system can also support other functions going from the front end like policy holder or medical providers portals to back-end components such as underwriting, claims, billing, etc. These are the core systems for an insurer.
Individual / Group Life / Annuity / Health Billing Systems
A stand alone billing system prepares, distributes, and administers the payment and collection of premium for individual and group life/annuity/health insurance products. Stand alone is the ability of the system to work as an individual component that can be integrated with other systems such as policy administration, accounting, reporting systems, etc. These other systems may, or may not, be from the same provider as the billing system.
Life / Annuity / Health New Business and Underwriting Systems
A new business and underwriting system may contain five main capabiities: • Collecting data at the front end as structured data in an electronic application that has been adapted for distribution channel and products. • Triaging risk in new business and underwriting rules engines that identify underwriting requirements and level of human underwriting intervention. • Fulfilling the various back office functions needed for processing such as evidence ordering, tracking and routing, correspondence, etc. • Analyzing the resulting data for actuarial, underwriting, pricing, and marketing purposes. This includes automating the underwriting without intervention by a live underwriter. • Status tracking and reporting. They may also include workflow.
Life / Annuity / Health / Pension Closed Block Policy Administration and Servicing (PAS) Systems
A closed block policy administration system is a system of record containing current and historical information about policies issued by an insurer that are no longer actively sold. It may also include other information about submissions for coverage, underwriting, rating and pricing, etc.
Life / Annuity / Health / Pension Illustration Systems
An illustration system provides a hypothetical representation of a policy that reflect the critical assumptions the insurance company used to compute the policy results. Illustration systems are frequently closely-integrated with eApplication, new business and/or policy administration systems and product rating engines. They may include connectivity with an agency management system, document creation or management capabilities, reporting tools, and may include collaboration tools. To be included in VendorMatch, the illustration solution must be offered to insurance companies and deployable on a standalone basis, i.e. without requiring licensing of any other component.
Life / Annuity / Pensions / Health Policy Administration and Servicing (PAS) Systems
A policy administration system is a system of record containing current and historical information about policies issued by a life insurer. The system can also support other functions going from the front end like policy holder or medical providers portals to back-end components such as underwriting, claims, billing, etc. These are the core systems for an insurer and typically do the following: automatic processing such billing, anniversary processing, premium calculations, regulatory compliance, accounting extracts, and commission calculation, and processes policy changes, payments, withdrawals, fund updates, and nonforfeiture.
P&C / General Insurance Billing Systems
Stand-alone billing systems prepare, distribute, and administer the payment and collection of premiums from P&C/general insurance products. Key functions include the ability to define a payment plan, calculate payments, track payments and collections, manage the accounting process, and process cancellations. This solution type is for stand alone systems. Stand alone is the ability of the system to be sold as and work as an individual component that can be integrated with other systems such as policy administration, accounting, reporting systems, etc. These other systems may, or may not, be from the same provider as the stand alone system. If your system is not stand alone, please do not check this box.
P&C / General Insurance Policy Administration and Servicing (PAS) Systems
A policy administration system is the primary system of record for property & casualty/general/specialty insurance business operations. The system handles all transactions from the front end of individual policyholder management to the back end of billing and premium payments including underwriting, policyholder services, changes to inforce policies, renewals, etc. They also store all product rules and definitions.
P&C / General Insurance Rating Systems
Stand-alone rating sytems externalize the rates, rules, and logic associated with rating from the policy administration system. A rating engine is used to calculate the premium associated with a policy or other transaction. rating engines store the rating rules and algorithms, the base rates and asssociated factors and the rules necessary to combine the rates and algorithms to calculate a premium.
Product Management and Configuration
Product Management technology externalizes the product definition from the policy administration system. Insurers can define, design, test, and store product specific rates, forms, specifications, rules, and calculations within this system.
WHAT ARE CORE INSURANCE SYSTEMS?
Insurance core systems the systems that insurers use for their core processes of policy administration, billing, and underwriting. Supporting systems such as product management, illustrations, eApplications, and rating are also included in this category. Claims is a separate category.
CELENT CAN HELP YOU FIND AND EVALUATE CORE INSURANCE SYSTEMS VENDORS
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