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JARUS POLICY ADMIN SYSTEM

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Overview

Jarus Policy Admin System is a flexible, scalable, configurable policy administration system that lets insurers introduce new products quickly and manage them effortlessly. It enables straight thru processing (STP) that automates workflows, reduces process latency and operational costs. This is a no code platform that allows business analysts and subject matter experts (SME) to create and manage products, coverages, business rules, rates, and rating logic.

Key Features

Jarus Underwriter Workbench improves ease-of-use for internal users using a single, consistent workflow across all monoline and multi-line policies. It allows users to create quotes and policies and fulfill rate, quote, bind, underwrite, issue and post-issuance transactions including policy changes, renewals, cancellations, reinstatements, and out-of-sequence transactions.

Jarus Rating Engine is a calculation engine that evaluates the risks and computes premiums based on the rates and the rating logic that apply for each risk.

Jarus Rules Engine applies business rules uniformly to make decisions on whether a risk is eligible or not and whether to allow straight thru processing or refer the risk for further review and underwriter approval.

Jarus Microservices provide a very fast, highly scalable, line-neutral applications programming interfaces (API) to create, save and modify monoline and multi-line quotes and policies. It is micro in the sense that if the change is small, for example, only one coverage is to be updated, only the changes need to be sent.

Jarus Product Configurator is the central component of Jarus Digital Experience Platform and Jarus Policy Admin System products. It is a browser-based tool that allows insurers to configure the Agent Portal, the Policyholder Portal, Jarus Mobile Apps, the Underwriter Workbench, the Rules Engine, and the Rating Engine.

Key Benefits

  • Flexible and agile system with a web based Product Configurator that allows product teams to manage product definitions, rates, rating logic and business rules. This low/no code approach improves time-to-market new products, add new states, implement new rates and stay compliant with regulatory changes.
  • Policy admin core backend is a set of microservices that are line neutral. Microservices and schema support mono-line and multi-line policies allowing carriers to quote, bind, issue policy bundles (for example, auto, home and watercraft) or package policies (for example, commercial package with commercial property, general liability, cyber, etc.)
  • The solution is modular and each component can be used independently or together giving carriers maximum flexibility to customize and mix-and-match. Modular architecture also permits incremental evolution without upgrade headaches of package software.
  • A single role-based user interface instead of two separate interfaces for agents and underwriters. This ensures that all users have the same consistent workflow and view the same information filtered by their access privilege.
  • End-to-end training is provided in addition to the source code. This ensures no vendor lock-in and carriers are able to manage the system on their own with or without assistance from Jarus.

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