INSIS Policy Administration is a core module of the INSIS insurance platform by Fadata. It provides comprehensive support for the entire policy lifecycle, including quotations, underwriting, alterations, and renewals. Designed to streamline operations and reduce manual effort, the module integrates seamlessly with business process management (BPM) tools and supports complex pricing and actuarial calculations.

Features

• Quote and Apply: Handles new business quotations, registration, premium calculations, and conversion to applications or draft policies.
• Quote Versioning: Full support for quote versioning and forward communication.
• BPM Integration: Enables automation of workflows and processes.
• Group Insurance Support: Facilitates group policy management.
• Pricing Engine: Uses INSIS Rule Engine for premium calculations with configurable rating factors, loadings, and discounts.
• Policy Mid-Term Changes: Allows for flexible policy alterations during the term.
• Life Actuarial Calculations: Supports complex life insurance computations.
• Underwriting Process: Automates underwriting based on user-defined qualification criteria.
• Renewals Management: Includes automatic renewals and renewal simulations.

Benefits

• Operational Efficiency: Reduces resource effort, time, and costs through automation.
• Scalability: Supports no-touch scalability for growing insurance operations.
• Customer Experience: Enhances front-end and back-end processes for better customer service.
• Flexibility: Adapts to various insurance products and business models.
• Fast Onboarding: Enables quick deployment and integration into existing systems.
• Compliance & Accuracy: Ensures precise premium and actuarial calculations aligned with regulatory standards.