Life insurance policy administration software helps insurers manage life and annuity insurance policies. Life insurance policy administration systems allow insurers to develop and administer new life, annuity, pension, and health insurance products for clients. Using these systems, organizations can design new policies, calculate policy costs, and maintain a record of policies issued to clients. Some systems offer libraries of prebuilt insurance product features that reduce time to market. Life insurance policy administration systems are commonly used by enterprise insurance organizations to manage existing policies and develop new insurance products. These systems can improve policy flexibility and administration. Life insurance policy administration systems can be implemented either as a standalone solution or as part of an integrated insurance suite.
To qualify for inclusion in the Life Insurance Policy Administration software category, a product must:
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Oracle Insurance provides adaptive, rules-driven systems that let insurance companies easily change business processes as their business needs change.
Instanda is a quick, easy and affordable package for brokers and insurers to design and distribute insurance products online. This fully hosted and completely managed toolkit lets you reach customers through your own online sales channel – as soon as your product is ready.
The Administrator™ platform is a powerful back-office engine with integrated digital solutions that drives your whole policy administration operation from case management and servicing to product configuration, reporting and member communications.
Axelerator Policy Admin is a customer centric, smart, real time, highly configurable, web-enabled, rule-based technology that supports the full lifecycle of a policy including Pre-assessment, Needs Analysis, Quote/Proposal, Calculation engine, Application, Personal Statement, Underwriting Workbench, Mid-term changes, Renewal, Lapse and Cancellation. It uses the same code as all of our other products and integrates with Axelerator Claims using the same database and code. Axelerator is designed to integrate to other systems if required for some of this processing, such as rating engines, underwriting rules engines and document management systems. Axelerator supports the generation and posting of all accounting transactions and reinsurance bordereau. Axelerator’s architecture is different to other life insurance systems as it has at the core, a powerful rules engine that drives the entire system including applying business logic, generation the user interface, applying data validation, integration, organising the process flow and performing calculations. Axelerator will give your organisation a major advantage in the market, providing an automated solution to replace the current, time consuming, costly highly fragmented systems and manual processes. Axelerator can also integrate with your existing strategic systems for pricing, underwriting, channel distribution finance and reporting and analytics. All the features and integration services needed are already in use by Axe clients in the insurance industry.