P&C policy management modules support the entire lifecycle of an insurance policy. Once a capability found only within monolithic core systems that managed the entire insurance value chain, policy management modules are now most commonly available as discreet solutions. They can be licensed and deployed standalone or deployed as part of a suite with adjacent claims and billing modules.
Policies provides a business process management toolset and tracks data, empowering clients to quickly and effectively decide whether or not to underwrite policies according to their evolving business objectives. Policies is configurable and supports straight-through processing for new business and endorsements based on customizable business rules. Working in tandem with BriteQuote or your third-party software, Policies manages the policy lifecycle and processes all policy changes until final cancellation.
- Integrates seamlessly with the BriteCore ecosystem as well as third-party data sources and solutions
- Supports configurable custom workflows
- Supports straight-through processing based on business rules
- Enables collaboration through agent chat and in-suite email communications
- Offers real-time processing for policy changes including backdated and out of sequence endorsements
- Supports policy snapshots, or revisioning, allowing users to view historical data and associated documents
- Performs automated renewals and cancellations based on business rules
- Manages policy documents and offers custom document building capabilities
- Leaves a clear audit trail by logging system and user-generated notes
- Faster speed in bringing new products to market and managing existing products
- A more compelling customer experience through support for digital experience platforms (mobile apps and portals) and support for customer self-service
- Increased efficiency through automation and integration with other systems
- Greater flexibility in responding to market and regulatory changes
- More control over the scope and pace of change for legacy modernization through a modular architecture