Insurance policy administration systems act as the record management system for all insurance policy-related information. This includes records such as quotes, rating actions, issuances, renewals, and more.
Insurance policy administration solutions are designed to manage an insurance company’s entire catalogue of policies on offer and all policies they have issued. Insurance policy administration systems manage the entire policy lifecycle, including housing and updating policy details, updating new billing information, tracking beneficiary changes, ending policies, designing transaction workflows, and more.
Insurance policy administration systems often come packaged within insurance suites software
or integrate with underwriting and rating software.
To qualify for inclusion in the Insurance Policy Administration Systems category, a product must:
Manage all existing and historical insurance policies
Update policy records
Manage the entire policy lifecycle from issuance to termination
Produce policy-specific reports