A life insurance policy administration system is a software that enables insurers to manage a range of group or individual life, annuity and pension products. A PAS supports the entire life insurance value chain, from product and business configuration through new business processing, policy issuance, ongoing policy administration and claims. A life insurance PAS consists of a set of core components. * Product Development and Maintenance * Quotes/Illustrations * New Business * Manual Underwriting * Billing * Customer Management * Ongoing Policy Administration * Claims
Software as a service (SaaS) property and casualty (P&C) insurance core platforms enable insurers to support the administration of a range of P&C insurance products. They provide full product life cycle support by offering functionality, applications, services and content in a secure, cloud-based environment, offered as a service using subscription pricing. They encompass a single predefined and marketed core solution, either as a suite of preintegrated modules or a single application, supporting policy administration, billing and claims management. They also incorporate additional components to deliver customer, employee or partner experiences; data and analytics; integrations; and access to third-party technology solutions. SaaS P&C insurance core platforms enable P&C insurance companies to manage and administer the entire life cycle of insurance policies and scope of products. They are mission-critical systems for insurance companies, foundational for digital optimization and enablers for digital transformation.