The Policy Management module supports all processes required to manage existing insurance contracts, including policy versioning and renewal, different types of amendments/endorsements, reinstatement, bulk updates such as indexation and profit sharing, as well as the calculation of reserves.Book a demo
Powerful search and role-based dashboards provide easy and quick navigation through policies. Users can manage policy changes using different types of amendments and adjustments. System allows individuals to be informed when policies are up for renewal, and automatically performs different technical reserve calculations.
The Policy Management functionality relies on insurance product configurations and reuses the rules from the Product Configuration to calculate premiums and underwriting along with new reserve rules, surrender values, conversion to paid up, renewal, and other bulk change processes.
Full version history and overview of changes with the option to perform a full rollback to a previous version.
Support for life policy-specific amendments such as paid-up conversion, partial and full surrender, and reinstatement.
Manual and automatic cancellation of the entire policy with or without reimbursement, integration with netting and payment orders of the Accounting module.
Ability to change coverage duration, programs/packages and coverage groups; add or remove insured objects, riders, and clauses; modify insured sums; switch currencies; and change indexation rules, limits, and deductibles.
Support for removing or changing the terms and conditions or clauses which affect an existing policy; changes of tariff version may or may not impact premium.
This amendment type provides the ability to change a participant’s name, contact, or address, modify non-essential object attributes, as well as manage the beneficiaries/transferees.
Corrections of errors on a policy after it was issued, which includes modification and backdating of data on the underlying policy without changing its number.
Management of large-volume policies such as fleet insurance – all changes to insured objects are handled by importing insured objects (file import) for which the system automatically processes and underwrites any changes.
Automated processing of policies eligible for tacit renewal, allowing policy administrators to monitor policy expirations and handle exceptions and manual renewals under existing or new conditions.
Automated processing of technical adjustments (policy modifications without modifying the coverages) such as indexation and profit sharing. All adjustments are fully visible on each policy.
Regular calculation of the unearned premium reserve (UPR), deferred acquisition costs (DAC), and mathematical reserves, based on defined product rules.
Overview of renewal candidates, mathematical reserves, UPR and DAC, indexation, and profit sharing, export of data for analysis purposes.