Insurers slow their processes and create unnecessary cost by using inefficient core systems for policy creation and administration. PolicyCore helps insurers avoid the hindrances so common in legacy or modern-legacy policy administration software and develop the comprehensive, customizable, quick-to-market policies customers want.
Alongside the event-driven, responsive, SaaS architecture of EIS Platform™ and CustomerCore™, PolicyCore ensures an effective, cost-efficient policy lifecycle for every insurance product you offer.
Policy creation has never been this easy or quick. With Product Studio™, users can build, define, dynamically validate, and deploy various insurance product models and policy types. Insurers can customize coverage details to meet customers’ demands while staying compliant with regulations.
The different configuration options in Product Studio allow you to:
Reduce manual work in each phase of the policy lifecycle with Lifecycle Management: quoting, underwriting, and any re-rating or re-underwriting needed during renewal. This part of PolicyCore also tracks transactions, quotes, and any other changes across policy lifespans.
Calculate appropriate premiums, competitively price products, and accurately assess risk with Rater. Powered by the OpenL Tablets rules engine, Rater allows insurers to adjust business logic to meet their unique needs and keep up with market shifts.
Ensure all policy operations are data-driven with our data structuring, formatting, and analytics. Cultivating raw data from all relevant sources, this solution — alongside easy-to-use dashboards and reports — enables near-immediate insights, driving better decision-making and supporting more effective policy creation and management.
Benefits, health, and life and annuity insurers can gain even more from PolicyCore with this market-specific feature.
For automated, digital enrollment and census tracking, this specialized solution takes care of the full process from start to finish. It manages the connection with your enrollment technology partner, validates data, maps it to a supported format, stages it, and passes it to PolicyCore for processing.
Our robust cash management & investments solution helps you manage everything involved with managing and investing cash related to all the different types of insurance policies.
This handles everything: premium payments, different investment types and models, dividends, withdrawals, billing integrations, taxes and fees integrations, interest and return calculations, and so much more.
By investing in the best the market has to offer, like this flexible EIS platform, we are unlocking significant capability that will allow us to offer standout solutions for our brokers and customers with an ambition to deliver brilliant service where it matters.”
Caroline King, Customer Operations Director, Ageas UK
PolicyCore enables carriers to keep up with demand and strengthen market share by quickly developing and launching innovative insurance products.
Through cutting-edge automation, unparalleled customization capabilities, and easy integration with other EIS solutions and third-party tools, PolicyCore establishes an impeccable standard for policy creation, with no details out of place or a single underwriting risk unaccounted for.
PolicyCore empowers insurers to craft unique, truly customer-centric policy packages based on total needs, taking customer priorities, life events, loyalty opportunities, and other nuances into account.
By combining reusable components from existing policy elements, carriers can offer tiered home and auto insurance products. These tiers can be criteria-based (on customer risk, usage, etc.) or offer attractive additional features at higher price points.
PolicyCore Product Overview
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