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Insurance policy lifecycle

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Solartis Services are automation and BPO services designed to provide insurance companies with a flexible supply of skilled resources and system components they can use to grow their business. – PowerPoint PPT presentation

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Title: Insurance policy lifecycle


1
Insurance Policy Life Cycle
2
Introducing Solartis Insure
  • The system supports the requirements of both your
    internal users as well as external users who are
    typically agents, brokers, TPAs and
    policyholders. Easily integrate Solartis Insure
    with your in-house and third party systems using
    web-services for seamless processing activities.

3
Solartis Insure Program
4
Benefits
  • Level and then tilt the playing field
  • Reduce your costs and make them variable
  • Improve collaboration inside and outside your
    organization
  • Get live, faster!
  • Rollout the latest proven and tested technology
    before your competitors

5
Policy Life Cycle
  • Solartis Insure Supports the entire sales and
    policy life cycle or just the components you
    need.
  • 1. Available in three delivery models
  • Software as a Service (with our User Interface)
  • Platform as a Service (with your User
    Interface)
  • Rating Engine (for use with your policy admin
    system).
  • 2. Integrated with third party digital content
    (e.g., ISO Electronic Rating Content,
    GoogleMaps, Thomson Reuters Oden) to speed up
    time to market, guarantee accuracy andminimize
    implementation risks.
  • 3. Deployed on all consumer devices mobile,
    tablets and traditional computer
    browserinterfaces.
  • 4. Pricing is transaction based no upfront
    license fees and you only pay for what you use.

6
Policy Life Cycle Process
7
True On-Demand Policy Life Cycle Processing
  • Cloud Services Support the entire policy life
    cycle or just the components you need
  • Flexible distributed processing options (e.g.,
    insured, broker, carrier). The right approach for
    each insurance program
  • Elastic Scales to your needs to support user
    and policy peaks and valleys
  • Deployment Private, Hybrid, Public Cloud
    options
  • High Availability (HA) near real-time
    replication and Disaster Recovery (DR) data
    centers
  • Consumer Trends mobile devices, tablets and
    traditional computer browser interfaces

8
Solartis Risk Policy Manager
  • Insurance Policy Management Tracks and manages
    insurance policy information as it changes over
    time. Stores insurance policies, related
    documents, conversation notes, and emails.
  • Insurance Policy Document Issuance Issues all
    your insurance policy documents (new business
    policies, endorsements, renewals, cancellations
    and reinstatements) for your purchased policies,
    Captive, RRG, and/or Self-Insured policies.
  • Covered Participant Management Manages and
    tracks of your covered participants (e.g.,
    members subsidiaries, business units, profit
    centers, property locations), contact info, and
    related documents.
  • Location, Building, Risk Management Manages and
    tracks your locations, buildings, and risks as
    they change over time.
  • Risk Detail Management Manages and tracks all
    your Risk details as they change over time (e.g.,
    property COPE data, covered vehicle details,
    scheduled items, events, workers).

9
Why Consider Solartis Administers for Insurance
BPO?
  • Solartis Administer is an on-demand business
    process outsourcing service that removes the
    never ending struggles of employee turnover,
    training, and lack of available administrative
    resources. Solartis provides a team of insurance
    experts who are equipped to work with your
    technology and business processes. We eliminate
    backlogs within days without disruption to your
    clients. Once the backlogs are cleared
  • Submissions are routed to the appropriate
    underwriter within 30 minutes
  • Policies are issued within 1 day
  • Certificates of insurance are issued within 1
    hour
  • All loss runs are provided the same day

10
How Solartis Risk Policy Manager helps you?
  • Efficiently deal with your administrative tasks
    and take on the strategic role of a Risk Manager.
    Solartis Risk Policy Manager makes that
    possible.
  • Complete Transparency
  • Allocate Premiums Accurately and Consistently
  • Easily Create, Manage and Find Everything You
    Need
  • Enjoy the Benefits of the Cloud
  • Free Yourself with Self-Service Tools

11
Solartis Administer
  • THE BUSINESS CHALLENGEA multi-regional US
    customer experienced large growth in both their
    personal and commercial lines business. Even with
    excellent systems and business processes in
    place, this growth, coupled with hiring, training
    and staff turnover issues challenged their strong
    reputation of superior service.
  • THE RESULTOur customer implemented Solartis
    Administer services in areas of the company that
    generally had a high turnover employee rate
    (e.g., back office administrative tasks, policy
    issuance activities, endorsement processing,
    etc) This allowed our customer to reallocate
    strong resources to higher value activities and
    allowed for natural attrition.
  • THE SOLUTIONSolartis team members worked side
    by side with this customers operational staff.
    Using the customers existing processing systems,
    we started out slow and assumed additional
    business processes over time. This allowed our
    customer to assess our capabilities On-Demand
    business model.

12
Solartis Administer
  • THE BUSINESS CHALLENGE
  • Our customer wanted flexible Policy life cycle
    services for its diverse and ever changing
    commercial and personal insurance products. Their
    goal is to use an enterprise wide policy
    solutionthat was flexible, highly configurable
    and could scale to meet projected 5 to 10 year
    growth plans.
  • THE RESULT After the initial
    implementation of Solartis Insure, our customer
    increased its policy production from 300 to 400
    policies per month to over 10,000 policies per
    month today. This has resulted in an increase in
    revenue over a period of 6 years while reducing
    their policy administration and IT costs.
  • THE SOLUTIONSolartis provided this customer with
    an enterprise level quote, policy administration,
    certificate issuance and billing
    Software-as-a-Services. The primary users are
    thousands of retail agents across the US and
    internal underwriters in multiple offices.

13
Contact Details
  • Mailing Address
  • Solartis1601 North-Sepulveda Blvd.Suite
    606Manhattan Beach, California 90266
  • Sales
  • Carol Mowry McKenzieVP Sales and
    Marketingcmowry_at_solartis.com Office
    570.815.4556

14
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